Notice of AGM

Transcription

Notice of AGM

Innkalling til ordinær generalforsamling
Summons and Agenda for Annual General Meeting
Opera Software ASA
Organisasjonsnummer 974529459
Styret innkaller med dette til ordinær
generalforsamling i Opera Software ASA (heretter
”Selskapet”). Møtet avholdes tirsdag 2. juni 2015
kl. 09.00 norsk tid i Felix Konferansesenter,
Bryggetorget 3, Oslo, Norge.
The Board of Directors (the “Board”) hereby calls
for an Annual General Meeting to be held in
Opera Software ASA (the “Company”) on Tuesday
2 June 2015 at 09:00 Norwegian time at Felix
Konferansesenter, Bryggetorget 3, Oslo, Norway.
Innkalling til ordinær generalforsamling er sendt
til alle aksjeeiere i Selskapet med kjent adresse. I
samsvar med Selskapets vedtekter vil denne
innkallingen med alle vedlegg være tilgjengelig
på Selskapets hjemmeside, www.opera.com. På
forespørsel til Selskapet på +47 23 69 24 00 eller
e-post til [email protected] fra en aksjonær vil
Selskapet vederlagsfritt sende aksjonæren
vedleggene A til og med F per post.
The calling notice to the Annual General Meeting
has been sent to all shareholders in the Company
whose address is known. In accordance with the
Company’s Articles of Association this calling
notice with all appendices will be accessible on
the Company’s web-pages, www.opera.com.
Upon request to +47 23 69 24 00 or by e-mail to
[email protected] from a shareholder, the
Company will mail the appendices A through F to
the shareholder free of charge.
Aksjonærer
som
ønsker
å
delta
på
generalforsamlingen ved oppmøte eller ved
fullmakt bes om å fylle ut og returnere
påmeldingsskjema innen kl 12:00 (CET) 29. mai
2015.
Shareholders who wish to attend the General
Meeting, either in person or by proxy, are
requested to complete and return the attendance
slip by 12.00 a.m. (CET) May 29, 2015.
På agendaen står følgende saker:
On the agenda are the following items:
1.
Åpning ved styreleder – Fortegnelse over
møtende aksjonærer
1.
Opening by the chairman of the Board –
Registration of attending shareholders
2.
Valg av møteleder
2.
Election of person to chair the meeting
3.
Godkjennelse av innkalling og dagsorden
3.
4.
Valg av en person til å undertegne
protokollen sammen med møteleder
Approval of the calling notice and the
agenda
4.
5.
Godkjennelse av årsregnskapet og
årsberetningen for 2014
Election of a person to countersign the
minutes from the meeting together with
the chairperson
6.
Godkjennelse av utbytte for 2014
5.
Approval of the financial statements and
annual report for 2014
7.
Godkjennelse av konsernbidrag til Opera
Software International AS
6.
Approval of dividends for 2014
8.
Godkjennelse av revisors honorar for 2014
7.
9.
Redegjørelse for eierstyring og
selskapsledelse
Approval of group contribution to Opera
Software International AS
8.
Approval of the auditor’s fee for 2014
9.
Corporate Governance Statement
10. Godkjennelse av styremedlemmers
godtgjørelse
10. Approval of remuneration to Board
members
11. Godkjennelse av godtgjørelse for
medlemmer av nominasjonskomiteen
11. Approval of remuneration to the members
of the Nomination Committee
12. Fullmakt til styret til å erverve egne aksjer
13. Fullmakt til styret til å forhøye aksjekapitalen
ved utstedelse av nye aksjer
13.1 Fullmakt vedrørende ansattes
insentivprogram
12. Board authorization to acquire own shares
13. Board authorization to increase the share
capital by issuance of new shares
13.2 Fullmakt vedrørende oppkjøp
13.1 Authorization regarding employees’
incentive program
14. Valg av styre
13.2 Authorization regarding acquisitions
15. Valg av Nominasjonskomite
14. Election of Board of Directors
16. Styrets erklæring om fastsettelse av lønn og
annen godtgjørelse til ledende ansatte
15. Election of Nomination Committee
16.1 Erklæring vedrørende ikke-bindende
forhold
16. Declaration from the Board regarding
remuneration principles for Executive Team
16.1 Declaration regarding normative matters
16.2 Erklæring vedrørende bindende forhold
16.2 Declaration regarding binding matters
17. Nytt aksjebasert insentivprogram
17. New share based incentive program
17.1 Godkjennelse av årlig RSU program
17.1 Approval of annual RSU program
17.2 Godkjennelse av årlig opsjonsprogram
17.2 Approval of annual option program
18. Endring i vedtektene
18. Amendments to the articles of association
19. Avslutning
19. Closing
1.
1.
ÅPNING VED STYRELEDER
OPENING BY THE CHAIRMAN
Styrets
leder
vil
åpne
den
ordinære
generalforsamlingen og foreta en fortegnelse
over møtende aksjonærer.
The chairman of the Board will open the Annual
General Meeting and make a registration of
attending shareholders.
2.
2.
VALG AV MØTELEDER
Styret har foreslått at advokat Geir Evenshaug
velges som møteleder.
ELECTION OF PERSON TO CHAIR THE
MEETING
The Board has proposed that attorney-at-law
Geir Evenshaug is elected to chair the meeting.
2 | 14
3.
GODKJENNELSE AV INNKALLING OG 3.
DAGSORDEN
APPROVAL OF THE CALLING NOTICE
AND THE AGENDA
Styret foreslår at generalforsamlingen fatter
følgende vedtak:
The Board proposes that the General Meeting
makes the following resolution:
Innkalling og dagsorden godkjennes.
The calling notice and the agenda are approved.
4.
4.
VALG AV EN PERSON TIL Å
UNDERTEGNE PROTOKOLLEN
SAMMEN MED MØTELEDER
Styret foreslår at en person som er til stede på
generalforsamlingen velges til å undertegne
protokollen sammen med møteleder.
5.
ELECTION OF A PERSON TO CO-SIGN
THE MINUTES OF MEETING TOGETHER
WITH THE CHAIRPERSON
The Board proposes that one person present at
the general meeting is elected to co-sign the
minutes together with the chairperson for the
meeting.
GODKJENNELSE AV ÅRSREGNSKAPET 5.
OG ÅRSBERETNINGEN FOR 2014
APPROVAL OF THE FINANCIAL
STATEMENTS AND ANNUAL REPORT
FOR 2014
Det foreslås at styrets årsberetning og Selskapets
årsregnskap for 2014 (Vedlegg A Årsrapport, ikke
vedlagt innkallingen men ettersendes gratis per
post til de aksjonærer som ber om det),
godkjennes. Årsregnskap og årsberetning ble
publisert 30 April 2015. Revisors beretning for
2014 inneholder ingen kvalifikasjoner eller
reservasjoner. Etter styrets syn var det ingen
hendelser i 2014 som har reist vesentlige
spørsmål rundt regnskapene eller Selskapets
prosedyrer for revisjon.
It is proposed that the Board’s annual report and
the financial statements of the Company for 2014
(Enclosure A Annual Report, not attached to this
notice but forwarded free of charge by mail to
shareholders requesting a copy), be approved.
The annual report and financial statements were
made public on 30 April 2015. The auditor’s
report for 2014 does not contain any
qualifications or reservations. In the opinion of
the Board, nothing occurred during 2014 to
substantially rise to the level of concerns about
the accounts presented or audit procedures used
by the Company.
Selskapets konsoliderte årsregnskap for 2014 er
utarbeidet i samsvar med IFRS og er tilgjengelig
på Selskapets hjemmeside www.opera.com.
The
Company’s
consolidated
financial
statements for 2014 are prepared in accordance
with IFRS and are available on the Company’s
website www.opera.com.
følgende vedtak:
Styrets årsberetning for 2014 og Opera Software
ASAs årsregnskap for 2014 godkjennes av
generalforsamlingen.
The Board of Directors’ annual report for 2014 and
the financial statements of Opera Software ASA
for 2014 are approved by the General Meeting.
3 | 14
6.
UTBYTTE FOR 2014 PÅ NOK 0,26 PER 6.
AKSJE
DIVIDENDS FOR 2014 OF NOK 0.26 PER
SHARE
Styret foreslår videre at det betales utbytte for
2014 på NOK 0,26 per aksje. Utbyttet for
regnskapsåret 2014 innebærer at NOK 37.865.382
foreslås utbetalt som utbytte.
The Board proposes a dividend payment for 2014
of NOK 0.26 per share. The dividend for the
accounting year of 2014 means that NOK
37,865,382 is proposed paid as dividends.
Forslag til vedtak:
Proposed resolution:
Som utbytte for 2014 betales NOK 0,26 per aksje,
tilsvarende et totalt utbyttebeløp på NOK
37.865.382. Utbyttet tilfaller de som er aksjonærer
per utløpet av 2. juni 2015, slik at aksjene handles
eksklusive utbytte fra og med 3. juni 2015.
NOK 0.26 per share is paid as dividend for 2014,
constituting an aggregate dividend payment of
NOK 37,865,382. The dividend will be paid to
those who are shareholders at end of trading on 2
June 2015, and the shares will be trading exclusive
dividend rights as of 3 June 2015.
7.
7.
GODKJENNELSE AV KONSERNBIDRAG
TIL OPERA SOFTWARE
INTERNATIONAL AS
APPROVAL OF GROUP
CONTRIBUTION TO OPERA
SOFTWARE INTERNATIONAL AS
Styret foreslår at Selskapet yter et konsernbidrag
til dets heleide datterselskap Opera Software
International AS. Styret forslår følgende vedtak
The Board proposes that the Company grants a
group contribution to its wholly owned
subsidiary Opera Software International AS. The
Board proposes the following resolution:
For regnskapsåret 2014 yter Opera Software ASA
et konsernbidrag til dets heleide datterselskap
Opera Software International AS på NOK
135.000.000.
For the financial year 2014, Opera Software ASA
grants a group contribution of NOK 135,000,000
to its wholly owned subsidiary Opera Software
International AS.
8.
8.
GODKJENNELSE AV REVISORS
HONORAR FOR 2014
APPROVAL OF THE AUDITOR’S FEE FOR
2014
Det foreslås at Selskapets revisorhonorar på til
NOK 1.133.788 for 2014 blir godkjent. Beløpet
omfatter
revisorhonorar
til
KPMG
for
morselskapet Opera Software ASA for den årlige
revisjonen i 2014, og inkluderer ikke
revisorhonorar i tilknytning til datterselskapene
for 2014. Honorarene inkluderer også utførte
revisjonhandlinger
knyttet
til
kvartalsvise
resultater for første, andre og tredje kvartal 2014.
It is proposed that the auditor’s fees for the
Company for 2014, totalling NOK 1,133,788, are
approved. The amount represents the fees to
KPMG for the annual audit for 2014 for the parent
company Opera Software ASA, and does not
include fees related to the audits of the
Company’s subsidiaries for 2014. The fee includes
review of the quarterly results of the first, second
and third quarter for 2014.
Note 3 i det konsoliderte regnskap viser honorar
til revisor for Selskapet og dets datterselskaper.
Note 3 to the consolidated financial statements
provides disclosure of the fees to the auditor for
the Company and its subsidiaries.
4 | 14
Note 3 til Selskapets regnskap for 2014 viser
kostnadsført honorarer til Selskapets revisor for
deres tjenester til Selskapet. Beløpene er som
følger:
Note 3 to the Company’s financial statements for
2014 provides disclosure of the fees to the
Company’s auditor for professional services to
the Company. The figures are as follows:
Revisjon: NOK 1.133.788
Attestasjonstjenester: NOK 231.240
Skatterådgiving: NOK 61.471
Andre, inkl KPMG Legal: NOK 235.000
Totalt NOK 1.661.499
Statutory audit: NOK 1,133,788
Attestation services: NOK 231,240
Tax advisory fee: NOK 61,471
Other services, incl KPMG Legal: NOK 235,000
Total NOK 1,430,259
Kun revisjonshonoraret i forbindelse med revisjon
av Opera Software ASA skal godkjennes av
generalforsamlingen.
Only fees relating to the statutory audit of Opera
Software ASA shall be approved by the General
Meeting.
følgende vedtak:
Generalforsamlingen godkjenner revisors honorar
for 2014 på NOK 1.133.788.
The General Meeting approves the annual
auditor’s fees for 2014 of NOK 1,133,788.
9.
REDEGJØRELSE FOR EIERSTYRING OG 9.
SELSKAPSLEDELSE
CORPORATE GOVERNANCE
STATEMENT
Redegjørelse for eierstyring og selskapsledelse
skal være et eget punkt på agendaen for ordinær
generalforsamling. Redegjørelsen er tatt inn i
årsberetningen, samt vedlagt separat til denne
innkallingen som Vedlegg B.
The corporate governance statement of the
Company shall be a separate item on the agenda
for the Annual General Meeting. The statement is
included in the annual report and attached
separately hereto as Enclosure B.
Redegjørelsen for eierstyring og selskapsledelse
er kun gjenstand for diskusjon og ikke separat
godkjennelse fra aksjonærenes side.
This is a non-voting item as the corporate
governance statement is subject to discussions
only and not to separate approval by the
shareholders.
10. GODKJENNELSE AV GODTGJØRELSE TIL 10. APPROVAL OF REMUNERATION TO
STYREMEDLEMMENE
BOARD MEMBERS
I samsvar med Selskapets vedtekter § 8,
fremlegger nominasjonskomiteen forslag til
godtgjørelse for styremedlemmene (Vedlegg C).
Pursuant to Section 8 of the Articles of
Association, the Nomination Committee presents
a motion for approval of remuneration for the
members of the Board (Enclosure C).
5 | 14
11. GODKJENNELSE AV GODTGJØRELSE
TIL MEDLEMMENE AV
NOMINASJONSKOMITEEN
11. APPROVAL OF REMUNERATION TO
THE MEMBERS OF THE NOMINATION
COMMITTEE
Fra ordinær generalforsamling i 2014 har
nominasjonskomiteen bestått av Jakob Iqbal
(leder), Nils A. Foldal og Michael Tetzschner.
Styret fremmer forslag til godtgjørelse for
medlemmene av komiteen. Godtgjørelsen gjelder
perioden fra og med forrige ordinære
generalforsamling til og med 2. juni 2015. Forslag
til godtgjørelse ligger innenfor det som ble
foreslått og vedtatt på ordinær generalforsamling
i 2014.
As from the Annual General Meeting in 2014, the
Nomination Committee has comprised of Jakob
Iqbal (Chairman), Nils A. Foldal and Michael
Tetzschner. The Board presents a motion for
approval of remuneration to the members of the
Nomination Committee. The remuneration
relates to the period from and including the
previous Annual General Meeting to and
including 2 June 2015. The proposed
remuneration is in line with what was proposed
and approved at the ordinary general meeting in
2014.
følgende vedtak:
Generalforsamlingen godkjenner godtgjørelsen til
hvert av medlemmene i nominasjonskomiteen for
perioden fra og med forrige ordinære
generalforsamling til og med 2. juni 2015. Lederen
av komiteen godtgjøres med NOK 60.000 og hver
av de andre medlemmene godtgjøres med NOK
30.000.
The General Meeting approves the fee to each
member of the Nomination Committee for the
period from and including the previous Annual
General Meeting to and including 2 June 2015. The
chairman of the committee receives NOK 60,000
and each of the other members receives NOK
30,000.
12. FULLMAKT TIL STYRET TIL Å ERVERVE 12. AUTHORIZATION TO ACQUIRE OWN
EGNE AKSJER
SHARES
Styret er av den oppfatning at en beholdning av
egne aksjer vil gi Selskapet fleksibilitet, bl.a. i
forhold til oppfyllelse av aksjeinsentivprogrammer for ansatte. Styret foreslår derfor at
generalforsamlingen vedtar å fornye eksisterende
fullmakt til styret til å erverve egne aksjer.
Eksisterende fullmakt ble vedtatt på ordinær
generalforsamling i 2014.
In the opinion of the Board, treasury shares will
give the Company flexibility, e.g. in terms of
satisfying employee share incentive plans. The
Board thus proposes that the General Meeting
resolve to renew the existing authority to the
Board to acquire own shares. The existing
authorization was approved by the ordinary
general meeting in 2014.
Den foreslåtte fullmaktens størrelse er like under
10 % av registrert aksjekapital. Fullmakten vil kun
benyttes
innenfor
gjeldende
regelverk.
Fullmakten innebærer ingen autorisasjon for
styret til å vedta nye insentivordninger, og denne
fullmakten kan ikke benyttes til å finansiere
styremedlemmers opsjoner. Forslag til vedtak:
The size of the proposed authorization is slightly
below 10% of the registered share capital. The
authorization will only be utilized within
applicable
rules
and
regulations.
The
authorization does not give the Board the
authority to adopt new incentive schemes and
this authorization cannot be used to fund Board
member’s options. Proposed resolution:
a) Styret gis fullmakt til å kjøpe aksjer i Selskapet.
Aksjene
må
kjøpes
til
alminnelige
a) The Board of Directors is authorized to acquire
shares in the Company. The shares are to be
6 | 14
markedsbetingelser i eller i forbindelse med et
regulert marked der aksjene omsettes.
acquired at market terms in or in connection with
a regulated market where the shares are traded.
b) Aksjene skal kun avhendes for å oppfylle
forpliktelser i forhold til insentivprogrammer
godkjent av aksjonærene. Ingen fullmakt er under
dette punkt gitt til å skape nye insentivprogram.
b) The shares may only be used to fulfill
obligations under incentive schemes approved by
the shareholders. No new authority is granted by
this item for new incentive schemes.
c) Den maksimale pålydende verdi av aksjene som
totalt kan erverves i henhold til denne fullmakt er
NOK 291.272. Det minste beløp som kan betales
for hver aksje som kjøpes i henhold til denne
fullmakt er NOK 20, og det maksimale beløp er
NOK 200.
c) The maximum face value of the shares which
the Company may acquire pursuant to this
authorization is in total NOK 291,272. The
minimum amount which may be paid for each
share acquired pursuant to this power of attorney
is NOK 20, and the maximum amount is NOK 200.
d) Denne fullmakten omfatter retten til å etablere
pant i Selskapets egne aksjer.
d) The authorization comprises the right to
establish pledge over the Company's own shares.
e) Denne fullmakten gjelder fra registrering i
Foretaksregisteret og til og med 30. juni 2016.
e) This authorization is valid from registration with
the Norwegian Register of Business Enterprises
and until and including 30 June 2016.
f) Fullmakten erstatter eksisterende fullmakt ved
registrering i Foretaksregisteret.
f) The authorization replaces the current
authorization when registered in the Norwegian
Register of Business Enterprises.
13. FULLMAKT TIL STYRET TIL Å FORHØYE 13. BOARD AUTHORIZATION TO
AKSJEKAPITALEN VED UTSTEDELSE AV
INCREASE THE SHARE CAPITAL BY
NYE AKSJER
ISSUANCE OF NEW SHARES
Styret foreslår å videreføre eksisterende fullmakt
til å utstede aksjer, dog hensyntatt en økt
registrert
aksjekapital
siden
ordinær
generalforsamling i 2014. I samsvar med norsk
anbefaling for eierstyring og selskapsledelse
foreslår styret å dele fullmakten i to; en for
oppfyllelse av insentivprogram (med unntak for
opsjoner til styremedlemmer utstedt på eller etter
15. juni 2010) og en som kan benyttes i
forbindelse med oppkjøp. Fullmaktene er
formulert slik at de samlet sett ikke skal kunne
innebære utstedelse av mer enn 10 % av registrert
aksjekapital. For å muliggjøre utstedelse av aksjer
til ansatte og/eller i forbindelse med rettede
emisjoner, foreslås at styret kan fravike
eksisterende aksjonærers fortrinnsrett ved
tegning.
The Board proposes to renew the existing
authorization to issue shares, however so that a
larger share capital since the ordinary general
meeting 2014 has been taken into account. In
accordance with the Norwegian Code on
Corporate Governance, the Board proposes to
split the authorization into two; one relating to
fulfillment of incentive programs (except for
Board directors’ options granted on or after 15
June 2010) and one which can be utilized in
connection with acquisitions. The authorizations
are worded in such a way that they in the
aggregate cannot result in issuance of new
shares of more than 10% of the registered share
capital. In order to make possible share issues to
employees and/or private placements, it is
proposed that the Board may set aside existing
shareholders’ right to subscribe shares.
7 | 14
13.1 Fullmakt vedrørende
Insentivprogram
13.1 Authorization regarding
incentive program
Fullmakten innebærer at den ikke kan benyttes til
å
utstede
aksjer
i
forbindelse
med
styremedlemmers opsjoner som er tildelt på eller
etter
15.
juni
2010,
dvs.
ordinær
generalforsamling i 2010. Fullmakten innebærer
ingen autorisasjon for styret til å vedta nye
insentivordninger.
Styret
foreslår
at
generalforsamlingen fatter følgende vedtak:
The authorization cannot be used to issue shares
in connection with Board members’ options
granted on or after 15 June 2010, i.e. the ordinary
general meeting in 2010. The authorization does
not give the Board the authority to adopt new
incentive schemes. The Board proposes that the
General Meeting makes the following resolution:
a) Styret gis fullmakt til å forhøye aksjekapitalen
med inntil NOK 291.272 ved en eller flere
utstedelser av totalt inntil 14.563.600 aksjer, hver
pålydende NOK 0,02. Tegningskurs og øvrige
vilkår fastsettes av styret.
a) The Board of Directors is authorized to increase
the Company’s share capital by a total amount of
up to NOK 291,272, by one or several share issues
of up to a total of 14,563,600 shares, each with a
nominal value of NOK 0.02. The subscription price
and other terms will be determined by the Board
of Directors.
b) Fullmakten skal omfatte kapitalforhøyelse mot
innskudd i andre eiendeler enn penger, eller rett til
å pådra Selskapet særlige plikter.
b) The authorization includes the right to increase
the Company’s share capital in return for noncash contributions or the right to assume special
obligations on behalf of the Company.
c) Aksjonærenes fortrinnsrett etter allmennaksjeloven § 10-4 kan fravikes av styret.
c) The preferential rights pursuant to Section 10-4
of the Public Limited Liability Companies Act may
be deviated from by the Board of Directors.
d) Fullmakten skal benyttes til bruk for utstedelse
av aksjer i forbindelse med Selskapets til enhver tid
gjeldende insentivprogrammer i Opera konsernet.
Fullmakten kan ikke benyttes i forbindelse med
opsjoner som måtte utstedes til styremedlemmer
på eller etter 15. juni 2010.
d) The authorization may only be used for issuing
of new shares in relation to the Company’s
incentive schemes existing at any time in the
Opera group. The authorization cannot be used in
connection with options that may be granted to
directors on or after 15 June 2010.
e) Fullmakten gjelder fra registrering i
Foretaksregisteret og frem til og med 30. juni 2016.
e) The authorization shall be effective from the
date it is registered in the Norwegian Register of
Business Enterprises and shall be valid until and
including 30 June 2016.
g) Fullmakten kan ikke benyttes dersom Selskapet
i perioden 2. juni 2015 til 30. juni 2016 i henhold til
fullmakt gitt styret har utstedt nye aksjer i
Selskapet som utgjør mer enn 10 % av Selskapets
aksjekapital.
g) The authorization cannot be used if the
Company in the period of 2 June 2015 to 30 June
2016 pursuant to board authorizations has issued
new shares in the Company representing more
than 10% of the Company’s share capital.
8 | 14
følgende vedtak:
a) Styret gis fullmakt til å forhøye aksjekapitalen
med inntil NOK 291.272 ved en eller flere
utstedelser av totalt inntil 14.563.600 aksjer, hver
pålydende NOK 0,02. Tegningskurs og øvrige
vilkår fastsettes av styret.
a) The Board of Directors is authorized to increase
the Company’s share capital by a total amount of
up to NOK 291,272, by one or several share issues
of up to a total of 14,563,600 shares, each with a
nominal value of NOK 0.02. The subscription price
and other terms will be determined by the Board
of Directors.
b) Fullmakten skal omfatte kapitalforhøyelse mot
innskudd i andre eiendeler enn penger, eller rett til
å pådra Selskapet særlige plikter.
b) The authorization includes the right to increase
the Company’s share capital in return for noncash contributions or the right to assume special
obligations on behalf of the Company.
c)
Aksjonærenes
fortrinnsrett
etter
allmennaksjeloven § 10-4 kan fravikes av styret.
c) The preferential rights pursuant to Section 10-4
of the Public Limited Liability Companies Act may
be deviated from by the Board of Directors.
d) Fullmakten skal benyttes i forbindelse med
oppkjøp av virksomheter eller selskap, herunder
fusjon, innen de virksomhetsområder som drives av
Opera konsernet eller som hører dertil.
d) The authorization may only be used in
connection with acquisitions of businesses or
companies, including mergers, within the business
areas operated by the Opera group, or which
relates thereto.
e) Fullmakten gjelder fra registrering i
Foretaksregisteret og frem til og med 30. juni 2016.
e) The authorization shall be effective from the
date it is registered in the Norwegian Register of
Business Enterprises and shall be valid until and
including 30 June 2016.
g) Fullmakten kan ikke benyttes dersom Selskapet
i perioden 2. juni 2015 til 30. juni 2016 i henhold til
fullmakt gitt styret har utstedt nye aksjer i
Selskapet som utgjør mer enn 10 % av Selskapets
aksjekapital.
g) The authorization cannot be used if the
Company in the period of 2 June 2015 to 30 June
2016 pursuant to board authorizations has issued
new shares in the Company representing more
than 10% of the Company’s share capital.
14. VALG AV STYRE
14. ELECTION OF BOARD OF DIRECTORS
I samsvar med vedtektenes § 8 har
Nominasjonskomiteen fremlagt forslag til valg av
styre (Vedlegg D).
In accordance with Section 8 of the Articles of
Association, the Nomination Committee has
submitted its proposal for election of the Board
(Enclosure D).
9 | 14
15. VALG AV NOMINASJONSKOMITE
15. ELECTION OF NOMINATION
COMMITTEE MEMBERS
I samsvar med vedtektenes § 8 har
Nominasjonskomiteen fremlagt forslag til valg av
komitemedlemmer, se Vedlegg E. Medlemmene
velges for 2 år, og nåværende medlemmer ble
valgt på ordinær generalforsamling i 2013.
In accordance with Section 8 of the Articles of
Association, the Nomination Committee has
submitted its proposal for election of the Board
(Enclosure E). The members are elected to 2 years
and the current members were elected at the
ordinary general meeting in 2013.
16. STYRETS ERKLÆRING OM
16. STATEMENT FROM THE BOARD
FASTSETTELSE AV LØNN OG ANNEN
REGARDING REMUNERATION
GODTGJØRELSE TIL LEDENDE ANSATTE
PRINCIPLES FOR SENIOR EXECUTIVES
Styret har utarbeidet en redegjørelse i samsvar
med allmennaksjeloven § 6-16a vedrørende
prinsippene for godtgjørelse til ledende ansatte i
Selskapet. Redegjørelsen er inntatt på side 171 til
Selskapet
årsregnskap
(Vedlegg
A).
Redegjørelsen er også særskilt inntatt som
Vedlegg F.
In accordance with Section 6-16a of the Public
Limited Companies Act, the Board has prepared
a statement with respect to the principles for
remuneration for senior executives of the
Company. The statement is included at page 171
to the annual accounts (Enclosure A). The
statement is also enclosed separately as
Enclosure F.
Redegjørelsen gjelder kun i forhold til ledende
ansatte, og omfatter således ikke godtgjørelse til
andre ansatte og styremedlemmer.
The statement applies only with respect to senior
executives and does not apply to remuneration
to other employees and Board directors.
Selskapets kontantbonuser er oppad begrenset.
The cash bonuses of the Company are capped.
Redegjørelsen gir ytterligere detaljer.
The statement provides further details.
I samsvar med nye anbefalinger for eierstyring og
selskapsledelse,
foreslår
styret
å
dele
redegjørelsen inn i to vedtak, ett for del delen som
kun er retningsgivende for styret, og ett for den
delen som er bindende for styret.
In accordance with new recommendations for
corporate governance, the Board proposes to
divide the statement into two resolutions; one for
the part which is only normative for the Board,
and one for the part which is binding for the
Board.
følgende vedtak:
makes the following resolutions:
Sak 16.1:
Item 16.1:
Styrets redegjørelse etter allmennaksjeloven § 616a, dens del 1 og 3 tas til etterretning.
The Board statement pursuant to Section 6-16a of
the Public Limited Liability Companies Act, its part
1 and 3, is taken into consideration.
10 | 14
Sak 16.2:
Item 16.2:
Styrets redegjørelse etter allmennaksjeloven § 616a, dens del 2 «Share-Based Incentives»,
godkjennes. Kontantbonuser for regnskapsåret
2015 kan ikke overstige 200 % av fast lønn.
The Board statement pursuant to Section 6-16a of
the Public Limited Liability Companies Act, its part
2 “Share-Based Incentives”, is approved. Cash
bonuses for the financial year 2014 cannot exceed
200% of base salary.
17. NYTT AKSJEBASERT
INSENTIVPROGRAM
17. NEW SHARE BASED INCENTIVE
PROGRAM
Selskapets styre har vurdert eksisterende
insentivprogrammer for de ansatte. Per i dag er
det fortsatt utestående opsjoner i henhold til
tidligere
opsjonsprogram,
og nåværende
Restricted Share Unit («RSU») program ble vedtatt
på ordinær generalforsamling i 2014.
The Board has considered the existing incentive
programs for employees. As of today, there are
still outstanding options under the previous
option program, and the current Restricted Share
Unit (“RSU”) program was approved at the
ordinary general meeting in 2014.
Styret og dets Kompensasjonskomite har vurdert
dagens insentivprogram. Særlig tatt i betraktning
at Selskapets virksomhet er internasjonal med en
vesentlig del i USA, er styret av den oppfatning at
eksisterende program bør erstattes av et årlig
program som inkluderer både RSUs og standard
opsjoner. Dette gir Selskapet større fleksibilitet og
mulighet til å rekruttere og beholde ansatte,
samtidig som Selskapets aksjonærer får mulighet
til å vurdere programmenes innhold hvert år i
forbindelse med ordinær generalforsamling.
The Board and its Remuneration Committee have
assessed the current incentive programs.
Particularly in view of the Company’s
international business with a substantial part in
the USA, the Board is of the view that the existing
program should be replaced by an annual
program which includes both RSUs and standard
options. This will give the Company more
flexibility in recruiting and retaining employees,
and the Company’s shareholders will be able to
assess and consider the content of the programs
annually in connection with the ordinary general
meeting.
Den nærmere beskrivelse er tatt in i Vedlegg G.
The further description is included in Enclosure
G.
Styret foreslår følgende vedtak:
The Board proposes the following resolutions:
Sak 17.1 Godkjennelse av RSU program
Item 17.1 Approval of RSU Program
Styrets forslag for RSU program for perioden fra 2.
juni 2015 til ordinær generalforsamling 2016
godkjennes.
The Board’s proposal for RSU Program for the
period from 2 June 2015 to the ordinary general
meeting in 2016 is approved.
Sak 17.2 Godkjennelse av opsjonsprogram
Item 17.2 Approval of option program
Styrets forslag for opsjonprogram for perioden fra
2. juni 2015 til ordinær generalforsamling 2016
godkjennes.
The Board’s proposal for option program for the
period from 2 June 2015 to the ordinary general
meeting in 2016 is approved.
11 | 14
18. ENDRING I VEDTEKTENE
18. AMENDMENT TO ARTICLES
Styret foreslår å endre vedtektenes § 8 slik at
medlemmer av Nominasjonskomiteen kan
foreslås som styremedlemmer, men at ingen kan
være medlem av styret og Nominasjonskomiteen
samtidig. Styret foreslår at vedtektenes § 8 endres
til å lyde (foreslåtte endringer fremkommer
nedenfor):
The Board proposes to amend section 8 of the
Articles of Association so that members of the
Nomination Committee can be proposed as
members to the Board, however so that no-one
can be a member of both the Board and the
Nomination Committee at the same time. The
Board proposes that section 8 of the Articles of
Association is amended to read (changes are
shown below):
§ 8. Selskapet skal ha en valgkomité.
Valgkomiteens oppgave skal være å avgi innstilling
til generalforsamlingen om valg av aksjonærvalgte
medlemmer og varamedlemmer til styret og om
honorar til styrets medlemmer. Valgkomiteen kan
ikke foreslå egne komitemedlemmer som
kandidater til Selskapets styre. Valgkomiteen skal
videre foreslå medlemmer til Valgkomiteen.
Valgkomiteen skal bestå av tre til fem medlemmer
som skal være aksjeeiere eller representanter for
aksjeeiere. I tillegg kan det velges inntil tre til fem
personlige
varamedlemmer.
Valgkomiteens
medlemmer og varamedlemmer velges av
generalforsamlingen for perioder på to år av
gangen. Ingen kan samtidig være medlem av styret
og medlem av Valgkomiteen.
§ 8. The Company shall have a Nomination
Committee. The Nominations Committee shall
give proposals on the election of shareholder
elected board members and deputy members and
their remuneration to the Annual General
Meeting. The Nomination Committee cannot
propose own Committee members as candidates
for the Company’s Board of Directors. The
Nomination Committee shall also propose
members for the Nomination Committee. The
Nomination Committee shall consist of three to
five members who shall be shareholders or
representatives of shareholders. In addition, three
to five personally elected deputy members may be
elected. The members and the deputy members of
the Nomination Committee are elected by the
Annual General Meeting for a period of two years
at a time. No-one can at the same time be a
member of both the Board of Directors and the
Nomination Committee.
19. AVSLUTNING
19. CLOSING
*/*/*
*/*/*
Selskapet er et norsk allmennaksjeselskap
underlagt
norsk
lovgivning,
derunder
allmennaksjeloven og verdipapirhandelloven.
Selskapet har pr dagen for denne innkallingen
utstedt 145.636.085 aksjer. I Selskapets
generalforsamling har hver aksje én stemme.
Aksjene har også for øvrig like rettigheter.
Selskapet eier pr dato for denne innkallingen null
(0) egne aksjer.
The Company is a Norwegian public limited
liability company governed by Norwegian law,
thereunder the Public Limited Liability
Companies Act and the Securities Trading Act. As
of the date of this calling notice, the Company
has issued 145,636,085 shares. In the Company's
General Meeting each share has one vote. The
shares have equal rights in all respects. As at the
date of this calling notice, the Company owns
zero (0) treasury shares.
Aksjonærer har rett til å møte på
generalforsamlingen, enten personlig eller ved
Shareholders are entitled to attend the General
Meeting in person or by proxy, and are further
12 | 14
fullmakt, og har videre rett til å uttale seg.
Aksjonærer kan også møte med rådgiver som har
talerett på generalforsamlingen.
entitled to speak at the General Meeting.
Shareholders may also be accompanied by an
advisor who may speak at the General Meeting.
En aksjeeier har rett til å få behandlet spørsmål på
generalforsamlingen. Spørsmålet skal meldes
skriftlig til styret innen syv dager før fristen for
innkalling til generalforsamling sammen med et
forslag til beslutning eller en begrunnelse for at
spørsmålet settes på dagsordenen. Har
innkallingen allerede funnet sted, skal det foretas
en ny innkalling dersom fristen for innkalling til
generalforsamling ikke er ute. En aksjeeier har
også rett til å fremsette forslag til beslutning.
A shareholder has the right to put matters on the
agenda of the general meeting. The matter shall
be reported in writing to the Board within seven
days prior to the deadline for the notice to the
general meeting, along with a proposal to a draft
resolution or a justification for the matter having
been put on the agenda. In the event that the
notice has already taken place, a new notice shall
be sent if the deadline has not already expired. A
shareholder has in addition a right to put forward
a proposal for resolution.
En aksjeeier kan kreve at styremedlemmer og
daglig leder på generalforsamlingen gir
tilgjengelige opplysninger om forhold som kan
innvirke på bedømmelsen av godkjennelse av
årsregnskapet og årsberetningen, saker som er
forelagt aksjeeierne til avgjørelse og Selskapets
økonomiske stilling. En aksjeeier som har aksjer
registrert gjennom en godkjent forvalter etter
allmennaksjeloven § 4-10, er stemmeberettiget
for det antall aksjer forvalteroppdraget omfatter
dersom aksjeeieren før generalforsamlingen
overfor Selskapet oppgir navn og adresse og
fremlegger bekreftelse fra forvalteren om at
aksjeeieren er den reelle eier av de forvaltede
aksjer, og under forutsetning av at styret ikke
nekter godkjennelse av slikt reelt eierforhold.
A shareholder may require directors and the
general manager to furnish in the general
meeting all available information about matters
that may affect the consideration of the adoption
of the annual financial statement and the annual
report, any matters that have been submitted to
the shareholders for decision and the Company’s
financial position. An owner with shares
registered through a custodian approved
pursuant to Section 4-10 of the Norwegian Public
Limited Companies Act has voting rights
equivalent to the number of shares which are
covered by the custodian arrangement provided
that the owner of the shares prior to the General
Meeting provides the Company with his name
and address together with a confirmation from
the custodian to the effect that he is the
beneficial owner of the shares held in custody,
and provided further that the Board does not
disapprove such beneficial ownership after
receipt of such notification.
Aksjeeiere
som
ønsker
å
delta
i
generalforsamlingen bes om å fylle ut og
returnere påmeldingsskjema (Vedlegg H) kl 12:00
(CET) fredag 29. mai 2015.
Shareholders, who wish to take part in the
General Meeting, are requested to complete and
return the attendance slip (Enclosure H) by 12.00
a.m. (CET) Friday May 29, 2015.
Fullmaktsskjema for de aksjonærer som ønsker å
(i) gi fullmakt til Selskapets styreleder eller en
annen person til å representere aksjonærens
aksjer på generalforsamlingen, eller (ii) gi fullmakt
med stemmeinstrukser, er vedlagt som del av
påmeldingsskjema i Vedlegg H. Aksjonærer står
A power of attorney for the shareholders who
wish to (i) grant the chairman of the Board or
another person a proxy to represent their shares
at the General Meeting, or (ii) grant a power of
attorney with voting instructions, has been made
available together with the attendance form as
13 | 14
fritt til å benytte andre fullmaktsskjema hvis
ønskelig.
part of Enclosure H. Shareholders are free to use
other proxy forms if desirable.
Påmelding og fullmaktsskjema sendes til Opera
Software ASA c/o DNB NOR Bank ASA,
Verdipapirservice, NO-0021 OSLO, eller epost
[email protected].
Notice of attendance and voting proxies shall be
sent to Opera Software ASA c/o DNB NOR Bank
ASA, Verdipapirservice, NO-0021 OSLO, or by
email [email protected].
Please note that the translation into English is for
information purposes only and that the
Norwegian text shall prevail in case of any
inconsistencies.
____________________________
Sverre Munck
Styrets leder / Chairman of the Board of Directors
(sign.)
14 | 14
Enclosure B
Quote: Opera strongly believes that strong
corporate governance creates higher firm value
CSR guidelines
The Board of Directors has adopted corporate social
responsibility (“CSR”) guidelines. The CSR guidelines cover a range of topics including human rights,
employee relations, health, environment & safety, anti-discrimination and anti-corruption. Opera
Opera’s activities
6WLYH»Z]PZPVUPZ[OH[^LHYLZOHWPUNHUVWLUJVUULJ[LK^VYSK;OPZPZYLÅLJ[LKPU(Y[PJSLVM[OL(Y[PJSLZ VM (ZZVJPH[PVU ÔPJO YLHKZ ¸;OL *VTWHU`»Z
business shall be to develop, produce and sell soft^HYLHUKHZZVJPH[LKZLY]PJLZHUKHSSHJ[P]P[PLZYLSH[ed thereto, including participation in other companies
HUKV[OLYHJ[P]P[PLZ^P[OZPTPSHYW\YWVZLZ¹/V^L]LY
reaching this goal is about much more than leading
[OLPUUV]H[PVUVM^LI[LJOUVSVNPLZ6\YI\ZPULZZPZ
IHZLK VU JSVZL YLSH[PVUZOPWZ ^P[O J\Z[VTLYZ WHY[ners, investors, employees, friends, and communities
HSSV]LY[OL^VYSK·YLSH[PVUZOPWZ^LHYLJVTTP[[LK
to developing by conducting our business openly
and responsibly. Our corporate policies are developed in order to be true to this commitment.
The Board of Directors has the overall responsibility
for corporate governance at Opera and ensures that
the Company implements sound corporate goverUHUJL;OL)VHYKVM+PYLJ[VYZOHZKLÄULK6WLYH»Z
basic corporate values, and the Company’s ethical
guidelines and guidelines on corporate social reZWVUZPIPSP[`HYLPUHJJVYKHUJL^P[O[OLZL]HS\LZ
6WLYH :VM[^HYL (:( ¸6WLYH¹ VY [OL ¸*VTWHU`¹
strongly believes that strong corporate governance
creates higher shareholder value. As a result, Opera
is committed to maintaining high standards of corporate governance. Opera’s principles of corporate
governance have been developed in light of the Nor^LNPHU *VKL VM 7YHJ[PJL MVY JVYWVYH[L NV]LYUHUJL
(the “Code”), dated October 30, 2014, as required for
all listed companies on the Oslo Stock Exchange. The
*VKLPZH]HPSHISLH[^^Û\LZUV;OLWYPUJPWSLZHYL
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nl-19980717-056.html/ 6WLYH ]PL^Z [OL KL]LSVWment of high standards of corporate governance as
HJVU[PU\V\ZWYVJLZZHUK^PSSJVU[PU\L[VMVJ\ZVU
improving the level of corporate governance.
General principles, implementation and reporting
on corporate governance
The Board of Directors may also be granted the au[OVYP[`[VHJX\PYLVÛZOHYLZ(\[OVYPaH[PVUZNYHU[LK[V[OL)VHYKVM+PYLJ[VYZ[VHJX\PYLVÛZOHYLZ
^PSSHSZVILYLZ[YPJ[LK[VKLÄULKW\YWVZLZ;V[OLL_[LU[[OH[HUH\[OVYPaH[PVU[VHJX\PYLVÛZOHYLZZOHSS
JV]LYZL]LYHSW\YWVZLZ[OL*VTWHU`^PSSJVUZPKLY
presenting the authorization to the shareholders as
separate items. Such authority, by statute, may apWS` MVY H TH_PT\T WLYPVK VM `LHYZ HUK ^PSS Z[H[L
the maximum and minimum amount payable for the
Authorizations granted to the Board of Directors to
PUJYLHZL[OL*VTWHU`»ZZOHYLJHWP[HS^PSSILYLZ[YPJ[LK[VKLÄULKW\YWVZLZHUK^PSSPUNLULYHSILSPTP[ed in time to no later than the date of the next Annual
General Meeting. To the extent that an authorization
to increase the share capital shall cover issuance
of shares under employee stock incentive schemes
HUKV[OLYW\YWVZLZ[OL*VTWHU`^PSSJVUZPKLYWYLsenting the authorizations to the shareholders as
separate items.
;V HJOPL]L V\Y HTIP[PV\Z SVUN[LYT NYV^[O VIQLJtives, it is Opera’s policy to maintain a solid equity
YH[PV 6WLYH ILSPL]LZ V\Y ULLK MVY NYV^[O JHU IL
TL[ ÔPSL HSZV HSSV^PUN MVY H KP]PKLUK KPZ[YPI\[PVU
HZSVUNHZ[OL*VTWHU`PZYLHJOPUNP[Z[HYNL[NYV^[O
and cash-generation levels. For this reason, the
*VTWHU`^PSSJVUZPKLYJVU[PU\PUN[VWH`KP]PKLUKZ
V]LY[OLUL_[`LHYZ+P]PKLUKWH`TLU[Z^PSSILZ\Iject to approval by the shareholders at the Company’s Annual General Meetings. Any proposal to the
General Meeting to grant the Board of Directors an
authorization to approve the distribution of dividends
^PSSILL_WSHPULK
Equity and dividends
The Company’s equity is considered to be adequate
YLSH[P]L[V6WLYH»ZÄUHUJPHSVIQLJ[P]LZV]LYHSSZ[YH[LN`HUKYPZRWYVÄSL
:VM[^HYL PZ H TLTILY VM [OL <5 .SVIHS *VTWHJ[
Opera respects and supports the Global Compact’s
ten principles in the areas of Human Rights, Labor,
Environment and Anti-Corruption. Please see the
*VTWHU`»Z ^LIWHNL MVY [OL ¸*VTT\UPJH[PVU VU
7YVNYLZZ¹YLSH[LK[V[OL<5.SVIHS*VTWHJ[^^^\Uglobalcompact.org/COPs/detail/19864/). Please also
ZLL[OL*VTWHU`»Z^LIWHNLMVY[OL*:99LWVY[H[
O[[W!^^^VWLYHZVM[^HYLJVTJVTWHU`PU]LZ[VYZ
corpgov/.
Principles of corporate governance
H[6WLYH:VM[^HYL(:(
175
CORPORATE GOVERNACE
176
Freely negotiable shares
Opera has no limitations on the transferability of
(U` [YHUZHJ[PVU [OL *VTWHU` JHYYPLZ V\[ PU VÛ
ZOHYLZ ^PSS IL JHYYPLK V\[ LP[OLY [OYV\NO [OL Z[VJR
exchange or at prevailing market prices if carried out
PUHU`V[OLY^H`
The Company has an established and closely monitored insider-trading policy.
0U[OLL]LU[VMUVUPTTH[LYPHS[YHUZHJ[PVUZIL[^LLU
the Company and a shareholder, a shareholder’s
parent company, members of the Board of Directors,
executive personnel or close associates of any such
WHY[PLZ[OL)VHYKVM+PYLJ[VYZ^PSSHYYHUNLMVYH]HS\ation to be obtained from an independent third party,
unless the transaction requires the approval of the
General Meeting.
Any such transaction must be approved by the
)VHYKVM+PYLJ[VYZHUKÔLYLYLX\PYLKILW\ISPJS`
disclosed to the market as soon as possible.
0U[OLYLOH]LILLUUVZPNUPÄJHU[[YHUZHJ[PVUZ
^P[OJSVZLS`YLSH[LKWHY[PLZ0M[OL*VTWHU`ZOV\SK
LU[LY PU[V H UVU PTTH[LYPHS [YHUZHJ[PVU ^P[O HZZVJPH[LK WHY[PLZ ^P[OPU 6WLYH VY ^P[O JVTWHUPLZ PU
ÔPJO H KPYLJ[VY VY SLHKPUN LTWSV`LL VM 6WLYH VY
close associates of these have a material direct or
indirect vested interest, those concerned shall immediately notify the Board of Directors.
(U`KLJPZPVU[V^HP]L[OLWYLLTW[PVUYPNO[ZVML_PZ[ing shareholders to subscribe for shares in the event
VM HU PUJYLHZL PU ZOHYL JHWP[HS ^PSS IL L_WSHPULK
Where the Board of Directors resolves to carry out an
PUJYLHZLPU[OLZOHYLJHWP[HSHUK^HP]L[OLWYLLTWtion rights of the existing shareholders on the basis
of a mandate granted to the Board, an explanation
^PSS IL W\ISPJS` KPZJSVZLK PU H Z[VJR L_JOHUNL HUUV\UJLTLU[PZZ\LKPUJVUULJ[PVU^P[O[OLPUJYLHZL
of the capital.
Equal treatment of shareholders and transactions with close associates
A key concept in Opera’s approach to corporate governance is the equal treatment of shareholders. Opera has one class of shares, and all shares are freely
[YHUZMLYHISL^P[OWVZZPISLL_JLW[PVUZK\L[VMVYLPNU
SH^YLZ[YPJ[PVUZVU[OLZHSLHUKVɈLYPUNVMZLJ\YP[PLZ
All shares in the Company carry equal voting rights.
The shareholders exercise the highest authority in the
Company through the General Meeting. All shareholders are entitled to submit items to the agenda
and to meet, speak and vote at the General Meeting.
Current authorizations for the Board of Directors are
set out in note 9 of the Annual Report.
ZOHYLZ6WLYH^PSSOV^L]LYPUNLULYHSSPTP[[OLK\ration of such authorizations to 1 year. In addition,
HUH\[OVYPaH[PVU[VHJX\PYLVÛZOHYLZ^PSSZ[H[L[OL
highest nominal value of the shares that Opera may
HJX\PYL HZ ^LSS HZ [OL TVKL VM HJX\PYPUN HUK KPZWVZPUN VM VÛ ZOHYLZ 6WLYH TH` UV[ H[ HU` [PTL
hold more than 10% of the total issued shares as
VÛZOHYLZ
The General Meeting elects the members of the
Board of Directors (excluding employee representatives), determines the remuneration of the members of the Board of Directors, approves the annual
HJJV\U[Z HUK KLJPKLZ Z\JO V[OLY TH[[LYZ ÔPJO
I` SH^ I` ZLWHYH[L WYVWVZHS VY HJJVYKPUN [V [OL
Company’s Articles of Association are to be decided by the General Meeting. The General Meeting
^PSSUVYTHSS`]V[LZLWHYH[LS`VULHJOJHUKPKH[LMVY
election for the Board of Directors, the Nomination
*VTTP[[LLHUKHU`V[OLYJVYWVYH[LIVKPLZ[VÔPJO
members are elected by the General Meeting.
The Chairman, Vice-Chairman, Chairman of the NomPUH[PVU *VTTP[[LL *,6 *-6 HUK [OL H\KP[VY ^PSS
under normal circumstances and unless there are
valid reasons to be absent, be present at the meeting
in person. The Chairman for the meeting is generally independent. Notice, enclosures and protocol of
TLL[PUNZHYLH]HPSHISLVU6WLYH»ZJVYWVYH[L^LIZP[L
O[[W!^^^VWLYHZVM[^HYLJVTJVTWHU`PU]LZ[VYZ.
.LULYHS4LL[PUNZHYLJVU]LULKI`^YP[[LUUV[PJL[V
HSSZOHYLOVSKLYZ^P[ORUVÛHKKYLZZLZUVSH[LY[OHU
21 days prior to the date of the meeting. Proposed
resolutions and supporting information, including inMVYTH[PVUVUOV^[VILYLWYLZLU[LKH[[OLTLL[PUN
voting by proxy and the right to propose items for
the General Meeting, are generally made available to
the shareholders no later than the date of the notice.
According to the Company’s Articles of Association,
attachments to the calling notice may be posted on
[OL*VTWHU`»Z^LIZP[LHUKUV[ZLU[[VZOHYLOVSKLYZ
I` VYKPUHY` THPS :OHYLOVSKLYZ ÔV ^PZO [V YLJLP]L
the attachments may request the Company to mail
such attachments free of charge. Resolutions and
[OL Z\WWVY[PUN PUMVYTH[PVU HYL Z\ɉJPLU[S` KL[HPSLK
HUKJVTWYLOLUZP]L[VHSSV^ZOHYLOVSKLYZ[VMVYTH
]PL^VUHSSTH[[LYZ[VILJVUZPKLYLKPU[OLTLL[PUN
:OHYLOVSKLYZ ÔV HYL \UHISL [V IL WYLZLU[ PU [OL
meeting are encouraged to participate by proxy, and
H WLYZVU ÔV ^PSS IL H]HPSHISL [V ]V[L VU ILOHSM VM
ZOHYLOVSKLYZHZ[OLPYWYV_`^PSSILUVTPUH[LK7YV_`
MVYTZ^PSSHSSV^[OLWYV_ÒVSKLY[VJHZ[]V[LZMVYLHJO
P[LTZLWHYH[LS`(ÄUHSKLHKSPULMVYZOHYLOVSKLYZ[V
give notice of their intention to attend the meeting or
]V[LI`WYV_`^PSSILZL[PU[OLUV[PJLMVY[OLTLL[PUN
:\JOKLHKSPUL^PSSILZL[HZJSVZLHZWVZZPISL[V[OL
date of the General Meeting and under every circumZ[HUJLPUHJJVYKHUJL^P[O[OLWYPUJPWSLZVMZLJ[PVU
5-3 of the Public Limited Companies Act.
General Meetings
Through the General Meeting, the shareholders exercise the highest authority in the Company. GenerHS 4LL[PUNZ HYL OLSK PU HJJVYKHUJL ^P[O [OL *VKL
All shareholders are entitled to submit items to the
agenda and to meet, speak and vote at General
Meetings. The Annual General Meeting is held each
`LHY ILMVYL [OL LUK VM 1\UL ,_[YHVYKPUHY` .LULYHS
Meetings may be called by the Board of Directors
at any time. The Company’s auditor or shareholders
YLWYLZLU[PUN H[ SLHZ[ Ä]L WLYJLU[ VM [OL [V[HS ZOHYL
capital may demand that an Extraordinary General
Meeting be called.
shares and has one class of shares. Each share entitles the holder to one vote.
Nomination Committee
The Nomination Committee is a body established
pursuant to the Articles of Association and shall
JVUZPZ[VM[OYLL[VÄ]LTLTILYZ;OLTLTILYZHUK
the chairperson are elected by the General Meeting. Members of the Nomination Committee serve
MVY H [^V`LHY WLYPVK I\[ TH` IL YLLSLJ[LK ;OL
current members of the Nomination Committee
HYL 1HRVI 0XIHS *OHPYTHU 4PJOHLS ;L[aZJOULY
and Nils Foldal. The members of the Nomination
Committee are independent of the Board of Directors and the executive personnel. Currently, no
member of the Nomination Committee is a memILYVM[OL)VHYKVM+PYLJ[VYZ(U`TLTILYÔVPZ
HSZV H TLTILY VM [OL )VHYK VM +PYLJ[VYZ ^PSS UVYTHSS` UV[ VɈLY OPTZLSM VY OLYZLSM MVY YLLSLJ[PVU [V
the Board.
;OL TPU\[LZ MYVT .LULYHS 4LL[PUNZ ^PSS IL WVZ[LK
VU[OL*VTWHU`»Z^LIZP[L^P[OPUKH`ZHM[LY[OL
General Meeting has been held. Information that a
.LULYHS4LL[PUNOHZILLUOLSK^PSSILTHKLW\ISPJ
as soon as possible after the end of the meeting.
;OL)VHYKVM+PYLJ[VYZTH`KLJPKL[VHSSV^LSLJ[YVUPJWHY[PJPWH[PVUPU.LULYHS4LL[PUNZHUK^PSSJVUZPKLY
this before each General Meeting.
The tasks of the Nomination Committee are to propose candidates for election as shareholder-elected
members of the Board of Directors and members of
the Nomination Committee. The Nomination Commit[LL ^PSS IL LUJV\YHNLK [V OH]L JVU[HJ[ ^P[O ZOHYLholders, the Board of Directors and the Company’s
*OPLM,_LJ\[P]L6ɉJLYHZWHY[VMP[Z^VYRVUWYVWVZing candidates for election to the Board of Directors.
;OL *VTTP[[LL JHUUV[ WYVWVZL P[Z VÛ *VTTP[[LL
members as candidates for the Company’s Board of
Directors. Further, the Committee shall make recommendations regarding the remuneration of the members of the Board of Directors. Its recommendations
^PSS UVYTHSS` IL L_WSHPULK HUK PUMVYTH[PVU HIV\[
WYVWVZLKJHUKPKH[LZ^PSSUVYTHSSÌLNP]LUUVSH[LY
than 21 days before the General Meeting. The tasks
of the Nomination Committee are further described
in the Company’s Nomination Committee guidelines,
as adopted by the Annual General Meeting held on
1\UL9LT\ULYH[PVUVM[OLTLTILYZVM[OL
5VTPUH[PVU *VTTP[[LL ^PSS IL KL[LYTPULK I` [OL
General Meeting. Information regarding deadlines for
proposals for members to the Board of Directors and
[OL5VTPUH[PVU*VTTP[[LL^PSSILWVZ[LKVU6WLYH»Z
JVYWVYH[L^LIZP[L7SLHZLZLLO[[W!^^^VWLYHZVM[^HYLJVTJVTWHU`PU]LZ[VYZUVTPUH[PVUZ for further information regarding the Nomination Committee.
The work of the Board of Directors
;OL JVUK\J[ VM [OL )VHYK VM +PYLJ[VYZ MVSSV^Z [OL
adopted rules of procedure for the Board of Direc[VYZ(ZWLJPÄJTLL[PUNHUKHJ[P]P[`WSHUPZHKVW[LK
[V^HYKZ [OL LUK VM LHJO `LHY MVY [OL MVSSV^PUN WLYPVK UVYTHSS` YL]PZP[LK [^PJL H `LHY ;OL )VHYK VM
+PYLJ[VYZ^PSSTLL[HU\TILYVM[PTLZ^P[OPUH`LHY
PUJS\KPUNMVYZ[YH[LN`TLL[PUNZHUKP[^PSSOVSKHKditional meetings under special circumstances. Its
^VYRPUN TL[OVKZ HYL VWLUS` KPZJ\ZZLK )L[^LLU
TLL[PUNZ [OL *OHPYTHU HUK *OPLM ,_LJ\[P]L 6ɉcer update the Board members on current matters.
There is frequent contact regarding the progress
HUKHɈHPYZVM[OL*VTWHU`,HJO)VHYKTLL[PUNPUJS\KLZHIYPLÄUNI`VULVM[OLM\UJ[PVUHSVYKLWHY[TLU[THUHNLYZVM[OL*VTWHU`MVSSV^LKI`8(
The Board meetings are a continuous center of attention for the Board of Directors, ensuring executive
personnel maintain systems, procedures and a corporate culture that promote high ethical conduct and
JVTWSPHUJL^P[OSLNHSHUKYLN\SH[VY`YLX\PYLTLU[Z
;OL*OHPYTHUVM[OL)VHYKVM+PYLJ[VYZ^PSSILLSLJ[LK I` [OL .LULYHS 4LL[PUN \USLZZ Z[H[\[VY` SH^
prescribes that the Chairman must be elected by
the Board of Directors. The Board members are enJV\YHNLK[VVÛZOHYLZPU[OL*VTWHU`7SLHZLZLL
^^^VWLYHZVM[^HYLJVTJVTWHU`PU]LZ[VYZIVHYK
for a detailed description of the Board members, inJS\KPUN ZOHYL VÛLYZOPW 7\YZ\HU[ [V [OL *VKL H[
least half of the shareholder-elected members of the
Board of Directors shall be independent of the Company’s management and its main business connec[PVUZ([SLHZ[[^VVM[OLZOHYLOVSKLYLSLJ[LKTLTbers of the Board of Directors shall be independent of
the Company’s main shareholders. In the Company’s
]PL^HSSKPYLJ[VYZL_JLW[MVY2HYP:[H\[SHUKHYLJVUsidered independent of the Company’s main shareholders, and all shareholder-elected directors are independent of the Company’s management and main
business connections. Executive personnel should
normally not be included in the Board of Directors.
Currently, no executive employee is a director. The
[LYTVMVɉJLMVYTLTILYZVM[OL)VHYKVM+PYLJ[VYZ
PZ[^V`LHYZ\USLZZ[OL.LULYHS4LL[PUNKLJPKLZV[OLY^PZLI\[HKPYLJ[VYTHÌLYLLSLJ[LK
Composition and independence of the Board of
Directors
The Board of Directors has overall responsibility for
the management of the Company. This includes a responsibility to supervise and exercise control of the
Company’s activities. The Board of Directors shall
consist of 5-10 members, including the employee
representatives. The proceedings and responsibilities of the Board of Directors are governed by a set
of rules of procedure. It is the Company’s intention
[OH[ [OL TLTILYZ VM [OL )VHYK VM +PYLJ[VYZ ^PSS IL
selected in the light of an evaluation of the Company’s needs for expertise, capacity and balanced
KLJPZPVU THRPUN ^P[O [OL HPT VM LUZ\YPUN [OH[ [OL
Board of Directors can operate independently of any
special interests and that the Board of Directors can
M\UJ[PVULɈLJ[P]LS`HZHJVSSLNPHSIVK`
Opera does not have a corporate assembly, as the employees have voted, and the General Meeting in 2010
approved, that the Company should not have one.
Corporate assembly
Board of Directors
The Board of Directors has overall responsibility for
the management of the Company. This includes a
responsibility to supervise and exercise control of
[OL*VTWHU`»ZHJ[P]P[PLZ;OL)VHYKOHZKYHÛ\W
the rules of procedure for the Board of Directors
of Opera. The purpose of these rules of procedure
PZ [V ZL[ V\[ Y\SLZ VU [OL ^VYR HUK HKTPUPZ[YH[P]L
procedures of the Board of Directors of Opera.
The Board of Directors shall, among other things,
ensure that the Company’s business activities are
soundly organized, supervise the Company’s day[VKH` THUHNLTLU[ KYH^ \W WSHUZ HUK I\KNL[Z
for the Company’s activities, keep itself informed
VU [OL ÄUHUJPHS WVZP[PVU VM [OL *VTWHU` HUK IL
responsible for ensuring that the Company’s activities, accounts, and asset management are subject
to adequate control. In its supervision of the busiULZZHJ[P]P[PLZVM6WLYH[OL)VHYKVM+PYLJ[VYZ^PSS
ensure that:
Risk management and internal control
4HUHNLTLU[HUKJVU[YVS
;OL)VHYK^PSSJVUZPKLYL]HS\H[PUNP[Z^VYRWLYMVYmance and expertise annually, and any report from
Z\JOL]HS\H[PVU^PSS\WVUYLX\LZ[ILTHKLH]HPSHISL
to the Nomination Committee. The Board plans to
carry out a self-evaluation process in 2015. To ensure a more independent consideration of matters
VM H TH[LYPHS JOHYHJ[LY PU ÔPJO [OL *OHPYTHU VM
the Board of Directors is, or has been, personalS` PU]VS]LK Z\JO TH[[LYZ ^PSS IL JOHPYLK I` ZVTL
other member of the Board of Directors. Please see
^^^VWLYHZVM[^HYLJVTJVTWHU`PU]LZ[VYZ
board/procedures/ for further information regarding
the Rules of Procedure for the Board of Directors
HUK [OL PUZ[Y\J[PVUZ MVY P[Z *OPLM ,_LJ\[P]L 6ɉJLY
O[[W!^^^VWLYHZVM[^HYLJVTJVTWHU`PU]LZ[VYZ
corpgov/. The Company has also established rules
of procedure for our executive personnel.
The Audit Committee’s main responsibilities inJS\KL MVSSV^PUN \W VU [OL ÄUHUJPHS YLWVY[PUN WYVcess, monitoring the systems for internal control
and risk management, having continuous contact
^P[O [OL HWWVPU[LK H\KP[VY HUK YL]PL^PUN HUK
monitoring the independence of the auditor. The
Board of Directors maintains responsibility and
decision making in all such matters. Please see
ILSV^ \UKLY [OL ZLJ[PVU ¸9LT\ULYH[PVU VM [OL
Executive Personnel” and the “Board Rules of
Procedure” for the tasks to be performed by the
Remuneration Committee.
The Board of Directors has further established a
Remuneration Committee and an Audit Committee.
Currently, the Remuneration Committee and the
Audit Committee each consists of three members.
According to the Code, a majority of the members
of each Committee should be independent from the
Company. If the requirements for independence are
UV[TL[6WLYH^PSSL_WSHPU[OLYLHZVUZPUV\Y(UU\HS
Report. Currently, Audun W. Iversen (Chairperson),
2HYP :[H\[SHUK HUK ,YPR 4SSLY HYL TLTILYZ VM [OL
Audit Committee, and Marianne Blystad (Chairperson), Christian Uribe and Sverre Munck are members of the Remuneration Committee. The requirements for independence are thus met.
179
CORPORATE GOVERNACE
180
;OL *OPLM ,_LJ\[P]L 6ɉJLY \ZLZ WYVWLY HUK
LɈLJ[P]L THUHNLTLU[ HUK JVU[YVS Z`Z[LTZ
PUJS\KPUNZ`Z[LTZMVYYPZRTHUHNLTLU[ÔPJO
JVU[PU\V\ZS`WYV]PKLHZH[PZMHJ[VY`V]LY]PL^VM
Opera’s risk exposure.
;OLJVU[YVSM\UJ[PVUZ^VYRHZPU[LUKLKHUK[OH[
the necessary measures are taken to reduce
extraordinary risk exposure.
There exist satisfactory routines to ensure folSV^\W VM WYPUJPWSLZ HUK N\PKLSPULZ HKVW[LK
by the Board of Directors in relation to ethical
ILOH]PVYJVUMVYTP[`[VSHÔLHS[OZHML[`HUK
^VYRPUNLU]PYVUTLU[HUKZVJPHSYLZWVUZPIPSP[`
Opera has a proper internal auditing system,
capable of producing reliable annual reports.
Directives from the external auditor are obeyed
and that the external auditor’s recommendations are given proper attention.
The Group’s CFO is responsible for the Group’s
control functions for risk management and interUHS JVU[YVS 6WLYH W\ISPZOLZ MV\Y PU[LYPT ÄUHUJPHS
statements in addition to the annual report. The
ÄUHUJPHSZ HYL W\ISPZOLK VU [OL 6ZSV :[VJR ,_change. Given the importance of providing accuYH[L ÄUHUJPHS PUMVYTH[PVU H JLU[YHSPaLK JVYWVYH[L
control function and risk management function
has been established ultimately consisting of the
Group’s corporate and business controllers. The
corporate and business controller tasks are, among
other things, to perform management’s risk assess-
The Board of Directors has ensured that the Company has sound internal control and systems for risk
management that are appropriate in relation to the
extent and nature of the Company’s activities. The
*VTWHUÒHZWLYMVYTLKHZJVWPUNVM[OLÄUHUJPHS
YPZRZ PU [OL *VTWHU` HUK OHZ LZ[HISPZOLK ^YP[[LU
control descriptions and process descriptions. The
controls are executed on a monthly, quarterly or
`LHYSÌHZPZKLWLUKPUNVU[OLZWLJPÄJJVU[YVS;OL
internal controls and systems also encompass the
Company’s corporate values, ethical guidelines and
guidelines for corporate social responsibility. The
)VHYK VM +PYLJ[VYZ JHYYPLZ V\[ HU HUU\HS YL]PL^ VM
the Company’s most important areas of exposure to
risk and its internal control arrangements. In DecemILY HSS )VHYK TLTILYZ JVUÄYTLK [OH[ [OL`
OHK YLHK HUK JVTWSPLK ^P[O [OL *VKL VM *VUK\J[
during the term of their directorship.
The Executive Team conducts an annual strategy
TLL[PUN ^P[O [OL )VHYK VM +PYLJ[VYZ ;OL Z[YH[LN`
TLL[PUNMVJ\ZLZVUWYVK\J[ZHSLZTHYRL[PUNÄUHUcial, organizational and the corporate development
strategy for the Group.
Executive Team
6WLYH»Z)VHYKOHZKYHÛ\WPUZ[Y\J[PVUZMVY[OL,_ecutive Team of the Company. The purpose of these
PUZ[Y\J[PVUZPZ[VJSHYPM`[OLWV^LYZHUKYLZWVUZPIPSPties of the members of the Executive Team and their
K\[`VMJVUÄKLU[PHSP[`
The Board’s duties can be found on our corporate
site in the document called “Rules of Procedure
MVY [OL )VHYK VM +PYLJ[VYZ VM 6WLYH :VM[^HYL (:(¹
found at O[[W!^^^VWLYHZVM[^HYLJVTJVTWHU`
investors/board/procedures/.

Other guidelines
As an extension of the general principles and guideSPULZ6WLYHOHZKYHÛ\WHKKP[PVUHSN\PKLSPULZ
;OL(\KP[*VTTP[[LLV]LYZLLZ[OLWYVJLZZVMÄUHUcial reporting and ensures that the Group’s internal
controls and the risk management systems are opLYH[PUNLɈLJ[P]LS`;OL(\KP[*VTTP[[LLWLYMVYTZH
YL]PL^ VM [OL X\HY[LYS` HUK HUU\HS ÄUHUJPHS Z[H[LTLU[ZÔPJO\S[PTH[LS`HYLHWWYV]LKI`[OL)VHYK
of Directors.
The Executive Team analyzes and comments on the
ÄUHUJPHSYLWVY[PUNHUKI\ZPULZZYLZ\S[ZVM[OL.YV\W
on a quarterly basis. Critical issues and events that
HɈLJ[ [OL M\[\YL KL]LSVWTLU[ VM [OL I\ZPULZZ HUK
VW[PTHS\[PSPaH[PVUVMYLZV\YJLZHYLPKLU[PÄLKHUKHJtion plans are put in place, if necessary.
The Group CFO, the head of Opera’s internal audit
function and leaders of the reporting units are reZWVUZPISLMVYP[OLVUNVPUNÄUHUJPHSYLWVY[PUNHUK
MVYPTWSLTLU[PUNZ\ɉJPLU[WYVJLK\YLZ[VWYL]LU[LYYVYZPU[OLÄUHUJPHSYLWVY[PUNPPPKLU[PM`PUNHZZLZZPUNHUKTVUP[VYPUN[OLYPZRVMZPNUPÄJHU[LYYVYZPU[OL
.YV\W»Z ÄUHUJPHS YLWVY[PUN HUK PPP PTWSLTLU[PUN
HWWYVWYPH[LHUKLɈLJ[P]LPU[LYUHSJVU[YVSZPUHJJVYKHUJL^P[OZWLJPÄLKNYV\WYLX\PYLTLU[ZHUKMVYLUZ\YPUNJVTWSPHUJL^P[OSVJHSSH^ZHUKYLX\PYLTLU[Z
(SSYLWVY[PUN\UP[ZOH]L[OLPYVÛTHUHNLTLU[HUK
[OLÄUHUJPHSM\UJ[PVUZHYLHKHW[LK[V[OLVYNHUPaHtion and activities. All monthly and quarterly operations reports are analyzed and assessed relative to
budgets, forecasts and historical trends.
;OL -PUHUJL KLWHY[TLU[ WYLWHYLZ ÄUHUJPHS YLporting for the Group and ensures that reporting
PZ PU HJJVYKHUJL ^P[O HWWSPJHISL SH^Z HJJV\U[PUN
standards, established accounting principles and
the Board’s guidelines. The Finance department
provides a set of procedures and processes de[HPSPUN [OL YLX\PYLTLU[Z ^P[O ÔPJO SVJHS YLWVY[PUN
units must comply. The Group has established
processes and a variety of control measures that
^PSS LUZ\YL X\HSP[` HZZ\YHUJL VM ÄUHUJPHS YLWVY[ing. A series of risk assessment and control meaZ\YLZ OH]L ILLU LZ[HISPZOLK PU JVUULJ[PVU ^P[O
[OL WYLWHYH[PVU VM ÄUHUJPHS Z[H[LTLU[Z 9LWVY[PUN
instructions are communicated to the reporting
\UP[ZLHJOTVU[OMVSSV^PUNPU[LYUHSTLL[PUNZÔLU
the reporting units have submitted their Group reWVY[Z HUK [OL I\ZPULZZ JVU[YVSSLYZ OH]L YL]PL^LK
[OL YLWVY[PUN WHJRHNL ^P[O [OL W\YWVZL VM PKLU[PM`PUNHU`ZPNUPÄJHU[TPZZ[H[LTLU[ZPU[OLÄUHUJPHS
statements. Based on the reported numbers from
the reporting units, the Finance department consolidates the Group numbers. Several controls are
established to ensure the correctness of the consolidation, e.g., control types such as reconcilia[PVU ZLNYLNH[PVU VM K\[PLZ THUHNLTLU[ YL]PL^ H
nd authorization.
ment and risk monitoring across the group’s activities, to administer the Company’s value-based
management system and to coordinate planning
and budgeting processes and internal controls
reporting to the Board of Directors and Executive
Team. The corporate and business controllers report into the CFO.
0U]LZ[VYYLSH[PVUZN\PKLSPULZ
6WLYH PZ JVTTP[[LK [V YLWVY[PUN ÄUHUJPHS YLZ\S[Z
and other relevant information based on openness
and taking into account the requirement for equal
treatment of all participants in the securities market.
To ensure that correct information is made public,
HZ^LSSHZLUZ\YPUNLX\HS[YLH[TLU[HUKÅV^VMPUformation, the Company’s Board of Directors has
approved an IR Policy. A primary goal of Opera’s
investor-relations activities is to provide investors,
JHWP[HSTHYRL[ WSH`LYZ HUK ZOHYLOVSKLYZ ^P[O YLSP-
-PUHUJPHSWVSPJPLZ
Opera has established comprehensive internal procedures and systems to mitigate risks and to ensure
YLSPHISLÄUHUJPHSYLWVY[PUN
0UMVYTH[PVUZLJ\YP[`
Opera has guidelines and information policies covering information security roles, responsibilities, training, contingency plans, etc.
,[OPJHSHUKJVYWVYH[LZVJPHSYLZWVUZPIPSP[`N\PKLSPULZ
The Board of Directors has adopted Ethical and
Corporate Social Responsibility Guidelines that con[HPU [OL IHZPJ WYPUJPWSLZ [OH[ 6WLYH ^PSS MVSSV^ ^P[O
respect to our ethical guidelines and our corporate
social responsibilities (“CSR”). The guidelines contain the basic principles describing the rules governing business practice, personal conduct, and roles
and responsibilities, ultimately describing topics
including human rights, employee relations, health,
environment & safety, anti-corruption and anti-discrimination. These general principles and guidelines
HWWS`[VHSSLTWSV`LLZHUKVɉJLYZVM[OL.YV\W
A large number of the Company’s shareholders are
PU[LYUH[PVUHSPU]LZ[VYZ^P[OHKPɈLYLU[]PL^VUZVTL
of the recommendations in the Code. Hence, some
of Opera’s directors carry stock options in the Company, as disclosed in note 3 to the Annual Report.
;OPZWYHJ[PJL^PSSILM\Y[OLYSPTP[LKPU[OLM\[\YLI\[P[
^PSSUV[ILL_JS\KLKHZH[VVS[VLUOHUJL the interest
Remuneration of the Board of Directors
9LT\ULYH[PVUMVY)VHYKTLTILYZPZHÄ_LKHUU\HS
sum proposed by the Nomination Committee and
approved at the Annual General Meeting. The reT\ULYH[PVUYLÅLJ[Z[OLYLZWVUZPIPSP[`X\HSPÄJH[PVUZ
time commitment and the complexity of their tasks
in general. No Board members (or any company asZVJPH[LK ^P[O Z\JO TLTILY LSLJ[LK I` [OL ZOHYLholders have assumed special tasks for the CompaUÌL`VUKÔH[PZKLZJYPILKPU[OPZKVJ\TLU[HUK
UV Z\JO TLTILY VY HU` JVTWHU` HZZVJPH[LK ^P[O
such member) has received any compensation from
Opera other than ordinary Board of Directors remuneration. All remuneration to the Board of Directors
is disclosed in note 3 to the Annual Report.
;OL-PUHUJPHS:\WLY]PZVY`(\[OVYP[`VM5VY^H`
0UHKKP[PVU[VP[ZVÛZ\WLY]PZVYÌVKPLZHUKL_[LYUHS
auditor, the Group is subject to statutory supervision
I`;OL5VY^LNPHU-PUHUJPHS:\WLY]PZVY`(\[OVYP[`
External audit
Opera is subject to a yearly, external statutory audit.
able, timely and balanced information for investors,
lenders and other interested parties in the securities
market, to enhance understanding of our operations.
182
During the announcement of quarterly and anU\HS ÄUHUJPHS YLZ\S[Z [OLYL PZ H MVY\T MVY ZOHYLholders and the investment community to ask
;OL6WLYHJVYWVYH[L^LIZP[LO[[W!^^^VWLYHZVM[^HYLJVTJVTWHU`PU]LZ[VYZ WYV]PKLZ [OL PU]LZ[TLU[ JVTT\UP[` ^P[O PUMVYTH[PVU HIV\[ [OL *VTpany, including a comprehensive investor-relations
section. This section includes the Company’s investor-relations policy, annual and quarterly reports,
press releases and stock-exchange announcements, share price and shareholding information, a
ÄUHUJPHSJHSLUKHYHUV]LY]PL^VM\WJVTPUNPU]LZ[VY
events, and other relevant information.
Information and communications
*VTT\UPJH[PVU ^P[O ZOHYLOVSKLYZ PU]LZ[VYZ HUK
analysts is a high priority for Opera. The Company
believes that objective and timely information to the
market is a prerequisite for a fair valuation of the
Company’s shares and, in turn, the generation of
shareholder value. The Company continually seeks
^H`Z[VLUOHUJLV\YJVTT\UPJH[PVU^P[O[OLPU]LZ[ment community.
Details concerning remuneration of the executive
personnel, including all details regarding the CEO’s
remuneration, are given in note 3 to the Annual Report. The performance-related remuneration to executive personnel is subject to an absolute limit. The
Board of Directors assesses the CEO and his terms
and conditions once a year. The General Meeting is
informed about incentive programs for employees,
and, pursuant to section 6-16 a) of the Public Limited
Companies Act, a statement regarding remuneration
WVSPJPLZMVY[OL,_LJ\[P]L;LHT^PSSILWYLZLU[LK[V
the General Meeting. The Board of Director’s stateTLU[VU[OLYLT\ULYH[PVUVM[OL,_LJ\[P]L;LHT^PSS
be a separate appendix to the agenda for the GenLYHS4LL[PUN;OL*VTWHU`^PSSHSZVUVYTHSS`THRL
JSLHY ÔPJO HZWLJ[Z VM [OL N\PKLSPULZ HYL HK]PZVY`
HUK ÔPJO PM HU` HYL IPUKPUN ;OL .LULYHS 4LL[PUN^PSSUVYTHSSÌLHISL[V]V[LZLWHYH[LS`VULHJO
of these aspects of the guidelines. In addition, the
Board of Directors’ declaration on the compensation
policies of the Executive Team is included in a separate section to the Annual Report.
Remuneration of executive personnel
A Remuneration Committee has been established by
the Board of Directors. The Committee shall act as
H WYLWHYH[VY` IVK` MVY [OL )VHYK VM +PYLJ[VYZ ^P[O
respect to (i) the compensation of the CEO and other
members of the Executive Team and (ii) Opera’s corWVYH[L NV]LYUHUJL WVSPJPLZ HUK WYVJLK\YLZ ÔPJO
PULHJOJHZLHYLTH[[LYZMVYÔPJO[OL)VHYKVM+Prectors maintains responsibility and decision making.
of any particular international expert or senior executive to join the Board of Directors. Any grant of stock
VW[PVUZ[V)VHYKTLTILYZ^PSSOV^L]LYILZ\IQLJ[
[V ZWLJPÄJ HWWYV]HS I` [OL .LULYHS 4LL[PUN (U`
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Company in addition to his or her appointment as a
)VHYKTLTILY^PSSKPZJSVZLZ\JOHZZPNUTLU[Z[V[OL
)VHYKVM+PYLJ[VYZÔPJO^PSSKL[LYTPUL[OLHWWYVpriate remuneration for the assignment in question.
The Board of Directors has established guidelines
^P[OYLZWLJ[[V[OL\ZLVM[OLH\KP[VYI`[OL*VTpany’s executive personnel for services other than
the audit.
Auditor
The auditor participates in meetings of the Board of
+PYLJ[VYZ[OH[KLHS^P[O[OLHUU\HSHJJV\U[ZHZ^LSS
as upon special request. Every year, the auditor presents to the Audit Committee a report outlining the
H\KP[ HJ[P]P[PLZ PU [OL WYL]PV\Z ÄZJHS `LHY HUK OPNOlighting the areas that caused the most attention or
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THUHNLTLU[ PZ WYLZLU[ HZ ^PSS [OL )VHYK VM +PYLJtors upon the auditor’s request. The General Meeting
is informed about the Company’s engagement and
remuneration of the auditor and for fees paid to the
auditor for services other than the annual audit, and
details are given in note 3 to the Annual Report.
0UMVYTH[PVUHIV\[HNYLLTLU[ZLU[LYLKPU[VIL[^LLU
the Company and the bidder that are material to
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disclosed no later than at the same time as the announcement of an impending bid is published.
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ÔL[OLY [OL ZOHYLOVSKLYZ ZOV\SK VY ZOV\SK UV[ HJJLW[[OLVɈLYHUK^PSSUVYTHSS`HYYHUNLMVYH]HS\Htion from an independent expert.
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seek to hinder or obstruct takeover bids for Opera’s
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that acts to limit the Company’s ability to arrange
V[OLYIPKZMVY[OL*VTWHU`»ZZOHYLZ^PSSVUSÌLLU[LYLKPU[VÔLYL[OL)VHYKILSPL]LZP[PZPU[OLJVTmon interest of the Company and its shareholders.
Takeovers
The Board of Directors endorses the recommendation
of the Code. Opera’s Articles of Association do not contain any restrictions, limitations or defense mechanisms
VUHJX\PYPUN[OL*VTWHU`»ZZOHYLZ0UHJJVYKHUJL^P[O
the Securities Trading Act and the Code, the Board has
adopted guidelines for possible takeovers.
The Board has further established an IR-policy for
JVU[HJ[ ^P[O ZOHYLOVSKLYZ HUK V[OLYZ IL`VUK [OL
scope of the General Meeting.
questions of the Company’s management team.
Opera also arranges regular presentations in Europe and the United States, in addition to holding
TLL[PUNZ ^P[O PU]LZ[VYZ HUK HUHS`Z[Z 0TWVY[HU[
L]LU[Z HɈLJ[PUN [OL *VTWHU` HYL YLWVY[LK PTmediately to the Oslo Stock Exchange in accorKHUJL ^P[O HWWSPJHISL SLNPZSH[PVU HUK WVZ[LK VU
O[[W!^^^VWLYHZVM[^HYLJVTJVTWHU`PU]LZtors/. All material information is disclosed to recipients equally in terms of content and timing.
Til ordinær generalforsamling i Opera Software ASA
To the ordinary general meeting in Opera Software ASA
VEDLEGG C – SAK 10:
ENCLOSURE C – ITEM 10:
GODKJENNELSE AV
GODTGJØRELSE TIL
STYREMEDLEMMENE
APPROVAL OF REMUNERATION
TO BOARD MEMBERS
I samsvar med § 8 i Selskapets vedtekter fremlegger
Nominasjonskomiteen forslag til godtgjørelse til
styremedlemmene:
Pursuant to Section 8 of the Articles of Association,
the Nomination Committee presents a motion for
approval of remuneration for the members of the
Board.
SAK 10.1 FAST GODTGJØRELSE
Nominasjonskomiteen foreslår at fast godtgjørelse
til styremedlemmene fra 2. juni 2015 til neste
ordinære generalforsamling skal være NOK 275.000
for hvert av de aksjonærvalgte styremedlemmene.
Faste ansatterepresentanter mottar kr. 50.000 hver.
ITEM 10.1 FIXED REMUNERATION
The Nomination Committee proposes that the fixed
remuneration to the members of the Board from 2
June 2015 to the next ordinary general meeting shall
be NOK 275,000 for each shareholder elected
member. Regular employee representatives receive
NOK 50,000 each.
For styrets leder foreslår Nominasjonskomiteen at
godtgjørelsen skal være NOK 600.000.
For the chairperson of the Board, the Nomination
Committee proposes a remuneration of NOK
600,000.
I tillegg foreslås en kompensasjon for reisetid på
NOK 20.000 for hvert styremøte i Norge for
aksjonærvalgte styremedlemmer basert i California.
In addition, it is proposed a compensation for travel
time of NOK 20,000 for each board meeting in
Norway for shareholder elected board members
resident in California.
Nominasjonskomiteen anser at forslagene er i
samsvar med markedshonorar for lignende
selskaper.
The Nomination Committee believes that the
proposals are in line with market remuneration for
similar companies.
SAK 10.2 GODTGJØRELSE FOR DELTAKELSE I
KOMITEER
Nominasjonskomiteen foreslår at formann og
aksjonærvalgte medlemmer av revisjonskomiteen og
kompensasjonskomiteen mottar en godtgjørelse på
henholdsvis NOK 70.000 for leder og NOK 30.000 for
andre medlemmer, fra 2. juni 2015 til neste ordinære
generalforsamling.
ITEM 10.2 REMUNERATION FOR PARTICIPATION
IN COMMITTEES
The Committee proposes that the Chairman and
shareholder elected members of the audit
committee and remuneration committee receive
NOK 70,000 and NOK 30,000, respectively, from 2
June 2015 to the next ordinary shareholders
meeting.
8. mai/May 2015
Leder av Nominasjonskomiteen / Chairman of the Nomination Committee
Jakob Iqbal
(sign.)
ENCLOSURE C – 2015 AGM OPERA SOFTWARE ASA
1|1
VEDLEGG D – SAK 14:
VALG AV NYTT STYRE
ENCLOSURE D – ITEM 14:
ELECTION OF BOARD OF DIRECTORS
Nominasjonskomiteen forslag til valg av nytt styre. I
samsvar med anbefalingene for eierstyring og
selskapsledelse foreslås at det stemmes over hver
enkelt av kandidatene.
election of Board of Directors. In accordance with the
Norwegian Code for Corporate Governance it is
proposed that votes are cast separately for each
candidate.
Nominasjonskomiteen foreslår at alle kandidatene
velges for en tjenestetid frem til neste ordinære
generalforsamling.
The Committee proposes that each candidate is
elected for a service period until the next ordinary
general meeting.
SAK 14.1 SVERRE MUNCK
Nominasjonskomiteen innstiller på at Sverre Munck
gjenvelges til styret.
ITEM 14.1 SVERRE MUNCK
The Committee proposes that Sverre Munck is reelected to the Board.
Nominasjonskomiteen anbefaler videre det styre som
blir valgt å velge Munck som styrets leder.
The Committee further recommends that the Board
to be elected appoints Mr. Munck as chairman of the
Board.
Etter Nominasjonskomiteens oppfatning er
kandidaten uavhengig i forhold til Selskapets
hovedaksjonærer, ledelse og forretningsforbindelser.
In the view of the Committee, the candidate is
independent from the Company’s main shareholders,
management and business connections.
SAK 14.2 ANDRÉ CHRISTENSEN
Nominasjonskomiteen innstiller på at André
Christensen gjenvelges til styret.
ITEM 14.2 ANDRÉ CHRISTENSEN
The Committee proposed that André Christensen is
re-elected to the Board.
SAK 14.3 SOPHIE-CHARLOTTE MOATTI
Nominasjonskomiteen innstiller på at SophieCharlotte Moatti velges til styret.
ITEM 14.3 SOPHIE-CHARLOTTE MOATTI
The Committee proposes that Sophie-Charlotte
Moatti is elected to the Board.
kandidaten uavhengig i forhold til Selskapets ledelse
og forretningsforbindelser.
In the view of the Committee the candidate is
independent from the Company’s management and
business connections.
ENCLOSURE D – 2015 AGM OPERA SOFTWARE ASA
SAK 14.4 AUDUN W. IVERSEN
Nominasjonskomiteen innstiller på at Audun W.
Iversen gjenvelges til styret.
ITEM 14.4 AUDUN W. IVERSEN
The Committee proposes that Audun W. Iversen is
SAK 14.5 MARIANNE H. BLYSTAD
Nominasjonskomiteen innstiller på at Marianne H.
Blystad gjenvelges til styret.
ITEM 14.5 MARIANNE H. BLYSTAD
The Committee proposes that Marianne H. Blystad is
CV og beskrivelse av hvert enkelt foreslått
styremedlem er vedlagt.
CV and a description of each candidate for the Board
are enclosed.
8. mai/May 2015
Jakob Iqbal
(sign.)
2|3
CVs FOR CANDIDATES TO THE BOARD OF DIRECTORS
Sverre Munck
Sverre Munck is currently an independent board professional and advisor. Until the fall of 2013, Munck was
for 20 years an EVP in Schibsted Media Group. Responsibilities during his time at Schibsted included being
Group CFO, managing Schibsted's free newspapers under the 20minutes brand, starting up online classifieds
sites like compraventa.com and leboncoin.fr. He was also responsible for group strategy from 2011. Prior to
joining Schibsted, he spent two years in the beginning of his career at McKinsey & Company and Loki, an
OSE listed Investment Company. Munck holds a BA in Economics from the University of Yale and a PhD in
Economics from Stanford University.
André Christensen
André Christensen has extensive strategic and operational experience from the Media, Internet, High Tech
industries across Europe, North America and Asia from the last 20 years. He is currently co-owner and Chief
Operating Officer with the IPTV/Video managed service provider QuickPlay Media based in
San Diego/Toronto delivering next generation video services to the 700M+ subscribers of leading service
providers and publishers globally. Prior to this he was the SVP Business Operations and Strategy at
Yahoo globally across media, sales, solutions, partnerships, and advertising operations. He also spent 12
years with McKinsey & Company in Oslo and Toronto as a partner establishing and leading the Business
Technology practice in Canada as well as the Global Operating Model service line worldwide. He has also
been a successful entrepreneur of several companies and holds a MSc/DiplKfm degree from University
of Mannheim.
Sophie-Charlotte Moatti
See separate CV attachment
Audun Wickstrand Iversen
Audun Wickstrand Iversen is currently the CEO of EAM Solar ASA, a company listed on the Oslo Axess, and
chairman of Nextgentel ASA (former Telio) a listed company on Oslo Stock Exchange. Over the last ten years,
he has focused primarily on the telecom, IT and alternative energy industries. Previously, Iversen worked as a
financial analyst at DnB Markets and as a portfolio manager at DnB Asset Management, with responsibility
for global telecoms and alternative energy. He holds a degree in business administration from the Norwegian
School of Management (BI) as well as degrees from Norwegian School of Economics and Business
Administration (NHH) and the University of Oslo.
Marianne H. Blystad
Marianne Heien Blystad has been an Attorney at Law with the law firm Ro and Sommernes since 2008. Apart
from her professional legal experience from corporate banking, shipping and offshore, she holds
directorships with Eksportfinans ASA, Sørenga Utvikling AS, Edda Utvikling AS and Songa Shipping. Ms.
Blystad holds a business degree from the Norwegian School of Management, (Handelshøyskolen BI) and a
Law degree from the University of Oslo.
3|3
SOPHIE-CHARLOTTE MOATTI
[email protected] – (415) 867-7512
419 14th Street – San Francisco CA, 94103
CAREER HIGHLIGHTS
 SC has created Emmy-nominated mobile services used by billions of people.
 Currently, general manager of Trulia Rentals, market leading rental service and high-growth /
high-margin business.
 Prior, product leader at Facebook upon successfully selling the mobile company she founded and
before that, general manager of a top 1% mobile service at Nokia.
 Founder of Products That Count, think tank on mobile, innovation and leadership (CTIA,
Huffington Post, Fast Company, Commerce World)
 Stanford MBA and an MS in electrical engineering.
 Connect at www.linkedin.com/in/scmoatti.
EXPERIENCE
TRULIA
San Francisco, CA, 2014-Present
General Manager
 Hired to build and lead cross functional team to scale market leading rental brand and high-growth
/ high-margin business.
 Responsible for all aspects of the business / P&L and accountable to board.
HALO VENTURE FUND
Mountain View, CA, 2014-Present
Residency
 Advisor of startups including Tango (mobile messaging), Refresh (mobile social networking),
Gumbal (SaaS event management tool), BoutiqueStreet (social commerce platform).
 Perform due diligence for fund investment decision.
 Founder of Products That Count, think tank on mobile, innovation and leadership (CTIA,
Huffington Post, Fast Company, Commerce World) More at www.productsthatcount.com.
FACEBOOK
Menlo Park, CA, 2012 -2013
Product Leader
 Upon acquisition of the company I founded, joined Facebook to manage all notifications channels
cross-platform. After 9 months, was promoted to lead team driving monetization of Facebook
Pages, which generates 10% of company revenue.
 Turned around under-performing team of 45 unfocused Millenials and aligned them behind two
goals: reduce technical legacy by 30% and double revenue in 9 months.
 Repositioned notifications as platform to improve quality / click-through rate by 25% and freed up
resources to overhaul mobile push channel, which led to 50+% increase in mobile pushable users.
 Created and led external speaker series. Recognized most-valuable player by recruiting team.
RENDEZ VOUS LABS
San Francisco, CA, 2010 -2012
Co-founder & CEO
 Upon integration of my business into Nokia Search, started and successfully sold mobile company.
 Built lean, multidisciplinary team which created top-rated mobile social service that reached
product/market fit for 200,000+ users in open beta.
 Managed all financial aspects of business from fundraising, to P&L, to ultimately selling.
NOKIA LABS
San Francisco, CA, 2008 -2010
General Manager, P&F Consumer (2009-2010)
* After building mobile commerce / search service for Nokia, was promoted to be its General
Manager and orchestrated its acquisition by Nokia Search which led to having service pre-loaded
on every Nokia smartphone. Directly responsible for all aspects of business, at P&L level.
* Defined business strategy and obtained Nokia leadership buy-in resulting in acquisition by Nokia
Search within 1 year. Business was only one out of 7 incubated businesses to exit successfully.
* Hired growth team that propelled service into top 1% of app store and reduced acquisition cost to
reach marginal profitability in 9 months.
* Received world-renowned awards including Emmy nomination and WSJ Innovation runner-up.
Product Management Leader/Director, Point & Find (2008-2009)
* Hired to build and lead cross functional team of 70+ to create mobile commerce offering. Invited to
join Nokia Executive Leader Program upon successfully launching service, and subsequently
promoted to be its General Manager.
* Architected and hired cross-functional team that went from 3 => 70 people in 2 years and launched
hyper-growth mobile commerce service which got millions of downloads and received strong Net
Promoter Score and highly-favorable press.
* Partnered with engineering, operations and business development to established product
management, user experience, design, product marketing and marketing functions.
ELECTRONIC ARTS (EA)
Redwood City, CA, 2006 -2007
Producer, Mobile & Casual Games
* Awarded EA 2007 ACTION Award for leading team developing and launching EA’s casual game
offering in new markets, which grew user base by 25% and revenue by 15%.
* Managed team of 30 engineers, designers, QA, and marketers. Supervised team of Producer/PM.
ORACLE (FORMERLY SIEBEL SYSTEMS)
San Mateo, CA, 2002-2005
Senior Manager, Customer Data Integration (2003-2005)
* Elected ‘Most Valuable Player’ by Siebel sales force for contribution to launch of new product
category, which grew 50% annually to represent 15% of company revenue.
* Responsible for product marketing & product management. Managed cross-functional team of 20.
Supervised PM.
Manager, CRM OnDemand (2002-2003)
* Awarded membership in Siebel CEO Circle for contribution to launch of CRM OnDemand --first
software as a service offering at Siebel.
* Responsible for beta program and customer references.
GOLDMAN SACHS INVESTMENT BANKING
New York, NY, 2001
Associate
* Supported a large technology IPO and global M&A deals in technology & media.
EDUCATION
STANFORD GRADUATE SCHOOL OF BUSINESS
Stanford, CA
M.B.A.
* Instructor for graduate class in Public Speaking and Communication.
* President of the Women in Management Club.
SUPELEC UNIVERSITY (FRENCH GRANDE ECOLE)
M.S., Electrical Engineering
* Received scholarship from French Government for high academic achievement.
Paris, France
VEDLEGG E – SAK 15:
VALG AV NY VALGKOMITE
ENCLOSURE E – ITEM 15:
ELECTION OF NOMINATION COMMITTEE
Nominasjonskomiteen forslag til valg av ny
valgkomite. I samsvar med anbefalingene for
eierstyring og selskapsledelse foreslås at det
stemmes over hver enkelt av kandidatene.
election of the Nomination Committee. In
accordance with the Norwegian Code for Corporate
Governance it is proposed that votes are cast
separately for each candidate.
Nominasjonskomiteen foreslår at alle kandidatene
velges for en tjenestetid på to år.
The Committee proposes that each candidate is
elected for a service period of two years.
SAK 15.1 JAKOB IQBAL - LEDER
Nominasjonskomiteen innstiller på at Jakob Iqbal
gjenvelges til komiteen og at han utnevnes som
leder.
ITEM 15.1 JAKOB IQBAL - CHAIRMAN
The Committee proposes that Jakob Iqbal is reelected to the Committee and that he is appointed
chairman.
kandidaten uavhengig i forhold til Selskapets styre
og ledelse.
independent from the Company’s Board and
management.
SAK 15.2 KARI STAUTLAND
Nominasjonskomiteen innstiller på at Kari Stautland
velges til komiteen.
ITEM 15.2 KARI STAUTLAND
The Committee proposes that Kari Stautland is reelected to the Committee.
og ledelse.
In the view of the Committee the candidate is
management.
SAK 15.3 NILS A. FOLDAL
Nominasjonskomiteen innstiller på at Nils A. Foldal
gjenvelges til komiteen.
ITEM 15.3 NILS A. FOLDAL
The Committee proposes that Nils A. Foldal is reelected to the Committee.
og ledelse.
management.
8. mai/May 2015
Jakob Iqbal
(sign.)
ENCLOSURE E – 2015 AGM OPERA SOFTWARE ASA
Enclosure F
1. Base salary
Base salary is typically the primary component of
,_LJ\[P]L;LHTJVTWLUZH[PVUHUKYLÅLJ[Z[OLV]LYall contribution of the executive to the Company. The
determination of base salaries for the executives
considers a range of factors, including (i) job scope
and responsibilities, (ii) competitive pay practices, (iii)
background, training and experience of the executive, and (iv) past performance of the executive at the
Company. Adjustments to base salary are ordinarily
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The most important components of Executive
;LHT JVTWLUZH[PVU HYL HZ MVSSV^Z! P IHZL ZHSHY`
(ii) cash-incentive bonus and (iii) long-term, equity-based incentives. Only the statement in part 2
¸:OHYLIHZLKPUJLU[P]LZ¹ILSV^^PSSILIPUKPUNMVY
the Board of Directors.
The Board of Directors is of the opinion that the
Company, due to its increased presence in marRL[Z ^P[O KPɈLYPUN JVTWL[P[P]L LU]PYVUTLU[Z MVY
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to have at its disposal a variety of instruments for
executive compensation. These instruments, both
in their structure and their implementation in terms
VMWLYMVYTHUJLJYP[LYPHULLK[VILHSPNULK^P[O[OL
Company’s long term value creation performance.
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equity-based incentive programs at the 2015 Annual
General Meeting. Further details on the proposed
WYVNYHTZ ^PSS IL PUJS\KLK PU [OL JHSSPUN UV[PJL MVY
the 2015 Annual General Meeting (the “2015 AGM”).
The objectives of the Executive Team compensation
program are, in particular, to (i) attract, motivate,
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Team and (ii) ensure alignment of the Executive
;LHT ^P[O [OL SVUN[LYT PU[LYLZ[Z VM [OL ZOHYLholders. The Company’s executive compensation
program is intended to be performance driven and
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objectives and enhancing shareholder value.
PART 1: POLICIES AND EXECUTIVE COMPENSATION EXCEPT SHARE-BASED INCENTIVES
;OL)VHYKVM+PYLJ[VYZOHZPUHJJVYKHUJL^P[O[OL
7\ISPJ3PTP[LK3PHIPSP[`*VTWHUPLZ(J[HKLveloped policies regarding compensation for the
Executive Team.
For the 2014 Corporate Results component, 50%
^HZ[PLK[VTLL[PUN[OL-@9LWVY[LK9L]LU\L
target for the Company and 50% to meeting the
FY 2014 Reported Adjusted EBITDA (including extraordinary one-time costs, but excluding advisory
JVZ[Z HZZVJPH[LK ^P[O 6WLYH»Z HJX\PZP[PVUYLSH[LK
activities) target for the Company. The Board believes that Revenue and Adjusted EBITDA are key
ÄUHUJPHS TLHZ\YLZ VM [OL VWLYH[PVUHS WLYMVYTHUJL
of the Company. Revenue is a fundamental meaZ\YLVMV\YZ\JJLZZH[ZLSSPUNV\YZVS\[PVUZNYV^PUN
users for our products and services, innovating and
competing in the marketplace. Adjusted EBITDA is
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that either are not part of our core operations or are
non-cash such as depreciation related to strategic
acquisitions and stock-based compensation.
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achievement of certain Corporate Results.
In March 2014, the Board approved the Executive
Compensation Plan for FY 2014, applicable to all
Executive Team members, except for the CEO of
6WLYH 4LKPH^VYRZ 6WLYH»Z TVIPSL HK]LY[PZPUN
I\ZPULZZ ÔV KPK UV[ OH]L H JHZOPUJLU[P]L IVU\ZWSHUMVYI\[^HZPUZ[LHKNYHU[LKWLYMVYmance-based RSUs in 2014 that vest ratably over a
four-year period.
2. Cash incentive bonus
The Company uses a cash-incentive bonus to focus
[OL,_LJ\[P]L;LHTTLTILYZVUHUKYL^HYK[OL,_ecutive Team members for, achieving key corporate
VIQLJ[P]LZÔPJO[`WPJHSS`PU]VS]LHÄZJHS`LHYWLYformance period. Key drivers of cash-incentive bonuses for the Executive Team are typically corporate
ÄUHUJPHSHUKVWLYH[PVUHSWLYMVYTHUJL*HZOPUJLUtive bonuses tied to strategic business objectives,
ÔPJOTHÌLPUKP]PK\HS[VVYZOHYLKHTVUN[OL,_ecutive Team members, may also be considered as
part of the cash-incentive bonus. The determination
of the total bonus that can be potentially earned by
an executive in a given year is based on, among other factors, the executive’s current and expected contributions to the Company’s performance, his or her
WVZP[PVU^P[OPU[OL6WLYH,_LJ\[P]L;LHTHUKJVTpetitive compensation practices. Any cash-incentive
bonus is capped, so no member of the Executive
;LHTJHUILH^HYKLKTVYL[OHUVMOPZVYOLY
on-target cash-incentive bonus unless the Board of
Directors makes exemptions in particular cases.
Declaration of executive compensation policies
COMPENSATION POLICIES
172
3. Severance-payment arrangements
Pursuant to Section 15-16 second subsection of
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7YV[LJ[PVU*,63HYZ)VPSLZLUOHZ^HP]LKOPZYPNO[Z
For the Corporate Results component, 50% is tied
to meeting certain FY 2015 Reported Revenue targets for the Company and 50% to meeting certain
FY 2015 Reported Adjusted EBITDA (excluding extraordinary one-time costs) targets for the Company.
Based on the FY 2015 Executive Compensation
Plan, there are no interim, intra-year payments, no
bonus based on Corporate Results is paid or earned
MVYH[[HPUTLU[VM9L]LU\LILSV^ HJOPL]LTLU[
and the Company must meet at least 80% of the FY
2015 Reported Adjusted EBITDA (excluding extraorKPUHY` VUL[PTL JVZ[Z [HYNL[ JVTWVULU[ [V H^HYK
HUÌVU\ZHZZVJPH[LK^P[O[OL-@YL]LU\L[HYget. Provided the aforementioned conditions are met
for Reported Revenues and Reported Adjusted EBITDA (excluding extraordinary one-time costs), the boU\ZPZJHSJ\SH[LKHZMVSSV^Z!MYVT IVU\Z
percentage achievement is interpolated based on a
30% bonus at 90% achievement and a 100% bonus
at 100% achievement, and, from 100%+ achievement, bonus percentage achievement is interpolated
based on a 100% bonus at 100% achievement and
a 200% bonus at 110% achievement. Total bonuses
WHPKMVY[OLÄZJHS`LHYMVY*VYWVYH[L9LZ\S[Z\UKLY
the plan shall not exceed 200% of the bonus opportunity for each Corporate Result component for any
one individual, unless the Board of Directors makes
exemptions in particular cases.
In April 2015, the Board approved the Executive Compensation Plan for FY 2015. As a starting point, the
cash-incentive bonus for FY 2015 for Executive Team
members is based on Corporate Results for FY 2015.
*LY[HPUTLTILYZVM[OL,_LJ\[P]L;LHTTHÒV^L]er, have a portion of his orher cash-incentive bonus
tied to individualized, strategic business targets linked
to his or her particular area of responsibility.
Based on the FY 2014 Executive Compensation
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met for Reported Revenues and Reported Adjusted
EBITDA (including extraordinary one-time costs, but
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bonus at 90% achievement and a 100% bonus at
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based on a 100% bonus at 100% achievement and
a 200% bonus at 110% achievement. Total bonuses
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the plan could not exceed 200% of the bonus opportunity for each Corporate Result component for
any one individual.
2. 2014 vesting criteria for existing RSUs
As it relates to RSU vesting for the Executive Team,
100% of the performance targets required for RSU
]LZ[PUN PU 8 MVY HSS LSPNPISL ,_LJ\[P]L ;LHT
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partly of RSUs and partly of ordinary options; please
ZLLP[LTILSV^MVYTVYLKL[HPSZ
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RSUs can vest and be exercised in accordance
^P[OWLYMVYTHUJLIHZLKHUKVY[PTLIHZLKJYP[LYPH
7SLHZLZLLP[LTZHUKILSV^MVYHWWSPJHISL]LZ[ing criteria for RSUs granted in 2014 and 2015 prior
to the 2015 AGM and proposed vesting criteria for
RSUs granted in 2015 post the 2015 AGM.
;OL(UU\HS.LULYHS4LL[PUNOLSKVU1\UL
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maximum number of options to be granted during
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VW[PVUZ^LYLNYHU[LK\UKLY[OLWYVNYHTVMÔPJO
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December 31, 2014.
1. Existing programs
;OL*VTWHU`J\YYLU[SÒHZ[^VLX\P[ÌHZLKPUJLUtives: ordinary stock options and Restricted Stock
Units (“RSU”). The RSU program has replaced the
previous stock-option program, but already-granted
and not exercised or terminated stock options are
Z[PSSV\[Z[HUKPUN5VUL^Z[VJRVW[PVUZ^PSSILPZZ\LK
under the previous stock-option program.
PART 2: SHARE-BASED INCENTIVES
4. Pension
Members of Executive Team participate in regular
pension programs available for all employees of Company. For members of the Executive Team based in
5VY^H`HUHKKP[PVUHSWLUZPVUHNYLLTLU[PZPUWSHJL
;OPZ HNYLLTLU[ PZ IHZLK VU H KLÄULKJVU[YPI\[PVU
scheme and contributes 20% of salary over 12G.
Except for the CEO as described above, the employment agreements for the members of the Exec\[P]L;LHTOH]LUVWYV]PZPVUZ^P[OYLZWLJ[[VZL]erance payments if a member of the Executive Team
ZOV\SKSLH]LOPZVYOLYWVZP[PVUÔL[OLY]VS\U[HYPS`
or involuntarily. Severance payment arrangements,
PM HU` ^PSS [O\Z IL IHZLK VU ULNV[PH[PVUZ IL[^LLU
the Company and the relevant member of the Executive Team on a case-by-case basis.
under Chapter 15 of the Act. As compensation, he
PZ LU[P[SLK [V H ZL]LYHUJL WH`TLU[ VM [^V `LHYZ»
base salary if his employment is terminated by the
Company. If the CEO has committed a gross breach
of his duty or other serious breach of the contract
of employment, the employment can be terminated
^P[OPTTLKPH[LLɈLJ[^P[OV\[HU`YPNO[MVY[OL*,6
to the mentioned severance payment.
The Board of Directors has ascertained that the use
of TSR is increasingly being used in long-term, equity-based incentive programs. It is the opinion of
[OL )VHYK VM +PYLJ[VYZ [OH[ [OPZ JYP[LYPVU ÔPSL UV[
-VY [OL UL^ ZOHYLIHZLK PUJLU[P]L WYVNYHT HWWSPJHISL MVY [OL WLYPVK 1\UL \U[PS [OL (UU\HS
.LULYHS 4LL[PUN PU [OL )VHYK ^PSS WYVWVZL
[V [OL (.4 [OH[ [OL UL^ 9:< NYHU[Z ^PSS IL
based upon performance criteria, including Total
Shareholder Return (“TSR”), Organic Revenue
.YV^[O (KQ\Z[LK ,)0;+( .YV^[O HUK :[YH[LNPJ
Business Objectives.
3. 2015 vesting criteria for existing RSUs
For the Executive Team, any 2015 RSUs granted
WYPVY[V[OL(.4^PSSOH]L]LZ[PUNJVUKP[PVUZ
IHZLK VU [OL MVSSV^PUN WLYMVYTHUJL JYP[LYPH! 9L]LU\LHUK(KQ\Z[LK,)0;+(MVY6WLYH:VM[^HYL(:(
HUK MVY [OL *,6 VM 6WLYH 4LKPH^VYRZ 9L]LU\L
and Adjusted EBITDA tied to Opera’s mobile-ad]LY[PZPUN VWLYH[PVUZ 0U HKKP[PVU JLY[HPU 9:<Z ^PSS
IL NYHU[LK ^P[O JYP[LYPH YLSH[PUN [V ;:9 HZ KLÄULK
ILSV^HUKVYJVYWVYH[LZ[YH[LNPJ[HYNL[Z
No Executive Team member is eligible for additional RSUs beyond 100% achievement of the
relevant target.
In order to receive any RSUs, the Chief Executive
6ɉJLY ULLKLK [V TLL[ H[ SLHZ[ VM LHJO Änancial target (33% of eligible RSUs vest at 80%
HJOPL]LTLU[ MVY [OL *OPLM ,_LJ\[P]L 6ɉJLY ^P[O
linear interpolation to 100% of target achievement).
For all other Executive Team members other than
[OL *OPLM ,_LJ\[P]L 6ɉJLY HUK [OL *,6 VM 6WLYH
4LKPH^VYRZHJOPL]LTLU[ILSV^MVYLHJOÄUHUJPHS[HYNL[^V\SKYLZ\S[PUHYLK\J[PVUPU[OL
number of eligible vesting RSUs assigned to each
ÄUHUJPHS[HYNL[-VY[OL*,6VM6WLYH4LKPH^VYRZ
at least 91% of the Revenue Target needed to be
reached and a minimum Adjusted EBITDA needed
to be reached (including extraordinary one-time
JVZ[ZI\[L_JS\KPUNHK]PZVY`JVZ[ZHZZVJPH[LK^P[O
Opera’s acquisition-related activities) on the actual
Revenue for 2014 for the Executive to be eligible
for any vesting RSUs; at 91% achievement, 65% of
LSPNPISL9:<Z^V\SK]LZ[^P[OPU[LYWVSH[PVU[V
of target achievement).
Reported Revenue and $115 million for Reported
Adjusted EBITDA (including extraordinary one-time
Opera’s acquisition-related activities). For all other
Executive Team members other than the CEO of OpLYH 4LKPH^VYRZ [OL -@ 9:< [HYNL[Z ^LYL HZ
MVSSV^Z^P[OH^LPNO[PUNMVYLHJO!TPSSPVU
for Reported Revenue and $110 million for Reported
Adjusted EBITDA (including extraordinary one-time
Opera’s acquisition-related activities). For the CEO
VM6WLYH4LKPH^VYRZ[OL-@9:<[HYNL[Z^LYL
HZ MVSSV^Z L_JS\KPUN YL]LU\L MYVT (K*VSVU` HUK
(WWY\W[^P[OH^LPNO[PUNVU9L]LU\LÔLYL
[OL9L]LU\L;HYNL[^HZTPSSPVUÔLYLYL]LU\L
included all mobile advertising generated by Opera
^P[O[OLL_JLW[PVUVMJLY[HPUÄ_LKWYPJLTVIPSLHK]LY[PZPUN HYYHUNLTLU[Z YLSH[LK [V 6WLYH»Z VÛLK
HUKVWLYH[LKIYV^ZLYWYVWLY[PLZ
During 2014, no deviations from the share-based
compensation programs as approved by the 2013
(UU\HS.LULYHS4LL[PUN^LYLTHKL^P[OYLZWLJ[[V
the Executive Team.
Total compensation earned for the Executive Team
in FY 2014 is summarized in note 3 of the consoliKH[LKÄUHUJPHSZ[H[LTLU[Z
;OL [HYNL[Z MVY ^LYL HKQ\Z[LK I` [OL )VHYK
K\YPUN -@ [V YLÅLJ[ [OL PTWHJ[ VM [OL (K*VSVU`HJX\PZP[PVUÔPJOOHKHTLHUPUNM\SPTWHJ[VU
6WLYH»ZÄUHUJPHSYLZ\S[ZMVY0U-@6WLYH
achieved 109% of its FY 2014 Revenue Target and
106% of its FY 2014 Reported Adjusted EBITDA
Target (including extraordinary one-time costs, but
L_JS\KPUN HK]PZVY` JVZ[Z HZZVJPH[LK ^P[O 6WLYH»Z
HJX\PZP[PVUYLSH[LK HJ[P]P[PLZ 5V[L [OH[ [OL KLÄUP[PVU VM ¸L_[YHVYKPUHY` VUL[PTL JVZ[Z¹ ^HZ YLÄULK
I`[OL)VHYKZWLJPÄJHSS`[VL_JS\KLHK]PZVY`JVZ[Z
HZZVJPH[LK ^P[O Z[YH[LNPJ HJX\PZP[PVU HJ[P]P[PLZ ¶
mainly legal costs. If advisory costs associated
^P[O6WLYH»ZHJX\PZP[PVUYLSH[LKHJ[P]P[PLZOHKILLU
deducted from FY2014 Reported Adjusted EBITDA,
[OLU VM [OL (KQ\Z[LK ,)0;+( [HYNL[ ^V\SK
have been met). Moreover, in 2014, no Executive
Team member had cash-incentive bonuses tied to
Strategic Business Objectives.
PART 3: 2014 COMPLIANCE
In 2014, the Executive Team received base salaries
HUKJHZOPUJLU[P]LIVU\ZLZPUSPUL^P[O[OL,_LJ\tive Compensation Policy as presented to the 2014
Annual General Meeting. Increases in base salaries
and cash-incentive bonuses for FY 2014 have been
given based on individual merit and to ensure closer
HSPNUTLU[^P[OJVTWL[P[P]LWH`WYHJ[PJLZ
All RSUs granted after the 2015 AGM and until the
(UU\HS .LULYHS 4LL[PUN PU ^PSS M\Y[OLY IL PU
HJJVYKHUJL ^P[O [OL [LYTZ HUK JVUKP[PVUZ HZ HWproved by the 2015 AGM.
Moreover, the Board believes that Adjusted EBIT+(PZHRL`PUKPJH[VYVMWYL[H_WYVÄ[NLULYH[PVUVM
[OL*VTWHU`HZP[LSPTPUH[LZ[OLLɈLJ[ZVML]LU[Z
that either are not part of our core operations or are
non-cash such as depreciation related to strategic
acquisitions and stock-based compensation.
>OPSL UVUVYNHUPJ NYV^[O ^PSS YLTHPU HU PTWVY[HU[
strategic lever, the Board of Directors is of the opinPVU[OH[6YNHUPJ9L]LU\L.YV^[OPZHRL`Z[YH[LNPJ
goal for the Company. The Company operates in
MHZ[NYV^PUN`L[OPNOS`\UWYLKPJ[HISLHUKJVTWL[itive market segments. Over time, Organic Revenue
captures the company’s ability to turn technological
innovation and commercial acumen into market
share and market relevance in the segments in
ÔPJO[OLJVTWHU`VWLYH[LZ
^P[OV\[ ^LHRULZZLZ V]LY [PTL PZ ^LSS HSPNULK ^P[O
value creation for Opera shareholders. The concept
captures key drivers for per-share price appreciation.
173
COMPENSATION POLICIES
ENCLOSURE G – INCENTIVE PROGRAM
ITEM 17.1 ON THE AGENDA – APPROVAL OF RSU PROGRAM
The terms and conditions for the RSU program are as follows:

The program shall be approved by the Annual General Meeting on an annual basis, meaning that
any approved program will be valid from the relevant Annual General Meeting and until the next
Annual General Meeting

One RSU entitles the holder upon exercise to receive one share in Opera Software ASA, against
payment of the par value of the share (currently NOK 0.02 per share). If and when RSUs vest, they will
exercise automatically

The number of RSU´s to be approved shall not exceed 0.8% of outstanding shares at 31 December of
the year preceding the relevant Annual General Meeting. Vesting of the RSUs can be time based
and/or performance based

For the period from 3 June 2015 up to the Annual General Meeting in 2016, a maximum of 1,145,612
RSUs may be granted

If vesting is performance based, the following criteria will apply for members of the executive
management:
 Total Shareholder Return (TSR)
40%
 Organic revenue growth
30%
 Adjusted EBITDA growth
30%
 Individual goals may be introduced, thereby reducing the above weights pro-rata

Payout conditions for the TSR criteria are as follows:
 The starting price for the TSR calculation is the volume weighted average share price the
5 trading days preceding and 5 trading days after the grant
 The ending price for the TSR calculation is the volume weighted average share price the
5 trading days preceding and 5 trading days after the 3-year anniversary of the grant
(including any dividends declared and approved in the 3 year period)
 Payout is based on the difference between the starting price and the ending price for the
TSR calculation
 TSR must be at least 25% over 3 years to qualify for pay out
 There is a linear increase to pay out of 100% which is reached at a TSR of 50% over 3
years
 The pay out will be capped at 100%

Payout conditions for the Organic Revenue Growth criteria are as follows:
 Target set for Fiscal Year
 Inorganic revenue growth to be excluded from calculation
 Minimum 90% of target to be reached for Criterion to be fulfilled
 Linear increase from 30% payout at 90% fulfillment to 100% payout at 100% fulfillment
 No additional payout above 100% fulfillment
ENCLOSURE G – 2015 AGM OPERA SOFTWARE ASA

Payout conditions for the Organic Adjusted EBITDA criteria are as follows:
 Target set for Fiscal Year
 Acquired adjusted EBITDA to be excluded from calculation
 One-time costs associated with M&A activities to be excluded from calculation
 Minimum 90 % of target to be reached for Criterion to be fulfilled
 Linear increase from 30% payout at 90% fulfillment to 100% payout at 100% fulfillment
 No additional payout above 100% fulfillment

Payout conditions for Individual Goals will be agreed on a case by case basis

Vesting schedule for the RSUs are as follows:
 For RSUs with a TSR component there will be 3 year non-vesting period from grant, to
coincide with the 3-year minimum TSR achievement requirement
 For RSUs with Revenue and Adjusted EBITDA components the vesting will be over 4
years with 25% vesting on an annual basis
 For RSUs with Individual Goals the vesting will be agreed on a case by case basis

The Board may make exemptions from the RSU criteria set out above with respect to members of
executive management residing in USA, in which case further details of such grants will be set out in
the annual executive remuneration statement pursuant to section 6-16a of the Public Limited
Companies Act.
ITEM 17.2 ON THE AGENDA – APPROVAL OF OPTION PROGRAM
The terms and conditions for the option program are as follows:

The program shall be approved by the Annual General Meeting on an annual basis, meaning that
any approved program will be valid from the relevant Annual General Meeting and until the next
Annual General Meeting

One option entitles the holder upon exercise to receive one share in Opera Software ASA, against
payment of the applicable strike price for the option. If and when options vest, they will exercise
automatically

The applicable strike price for options will be the volume weighted average share price 5 trading
days before and 5 trading days after the granting of the options

The number of options to be approved shall not to exceed 1.2% of outstanding shares at 31
December of the year preceding the relevant Annual General Meeting

For the period from 3 June 2015 up to the Annual General Meeting in 2016, a maximum of 1,718,419
options may be granted

Vesting of the options will as a main rule be time based, but individual performance criteria may be
added

Options will normally vest 1/3 after 2 years, 1/3 after 3 years and 1/3 after 4 years
2|3

Recipients of options will be proposed by management, approved Opera’s Remuneration Committee
through a delegation from the Board of Directors

Allocation of options to the CEO will be proposed by the Remuneration Committee and approved by
the Board of Directors or by the Chairman of the Board of Directors, if the Board of Directors
delegates this authority
***
3|3
Pin kode.:
Ref.nr.:
Innkalling til ordinær generalforsamling
Ordinær generalforsamling i Opera Software ASA
avholdes tirsdag 2. juni 2015 kl 09.00 norsk tid i Felix
Konferansesenter, Bryggetorget 3, Oslo, Norge.
VEDLEGG H TIL INNKALLING ORDINÆR GENERALFORSAMLING – OPERA SOFTWARE ASA
I det tilfellet aksjeeieren er et foretak
vil aksjeeieren være representert ved: _____________________________________________________________________
Navn
(Ved fullmakt benyttes blanketten under)
Møteseddel
Hvis De ønsker å møte i den ordinære generalforsamlingen, henstilles De om å sende denne møteseddel til Opera Software ASA c/o DNB Bank ASA,
Verdipapirservice, Postboks 1600 Sentrum, NO-0021 OSLO, eller til e-post [email protected]. Påmelding kan også skje fra Opera Software ASAs
hjemmeside www.opera.com eller via Investortjenester. Referansenummeret må oppgis ved påmelding. Påmeldingen må være DNB Bank
Verdipapirservice i hende innen fredag 29. mai 2015 kl. 12.00.
Undertegnede vil møte på Opera Software ASAs ordinære generalforsamling tirsdag 2. juni 2015 og avgi stemme for
egne aksjer
andre aksjer i henhold til vedlagte fullmakt(er)
Totalt
Sted
aksjer
Dato
Aksjeeiers underskrift
(Undertegnes kun ved eget oppmøte.
Ved fullmakt benyttes delen nedenfor)
Fullmakt uten stemmeinstruks
Pinkode:
Ref.nr.:
Dersom De selv ikke kan møte på ordinær generalforsamling, kan denne fullmakt benyttes av den De bemyndiger, eller De kan sende fullmakten uten
å påføre navn på fullmektigen. I så fall vil fullmakten anses gitt til styrets leder eller den han bemyndiger. Denne fullmaktsseddelen gjelder fullmakt
uten stemmeinstruks. Dersom De ønsker å avgi stemmeinstrukser, vennligst gå til side 2. Fullmakten bes sendt til Opera Software ASA c/o DNB Bank
ASA, Verdipapirservice, Postboks 1600 Sentrum, NO-0021 OSLO, eller e-post [email protected]. Elektronisk innsendelse av fullmakt kan gjøres via
Investortjenester. Referansenummeret må oppgis ved tildeling av fullmakt. Fullmakten må være DNB Bank Verdipapirservice i hende innen fredag 29.
mai 2015 kl. 12.00.
UNDERTEGNEDE:
gir herved (sett kryss):

Styrets leder (eller den han bemyndiger),

___________________________________________
(Fullmektigens navn med blokkbokstaver)
fullmakt til å møte og avgi stemme i Opera Software ASAs ordinære generalforsamling 2. juni 2015 for mine/våre aksjer.
Sted
Dato
Undertegnes kun ved fullmakt)
Angående møte- og stemmerett vises til allmennaksjeloven, især lovens kapittel 5. Det gjøres spesielt oppmerksom på at ved avgivelse av fullmakt skal
det legges frem skriftlig og datert fullmakt fra aksjepostens reelle eier (beneficial owner).
ENCLOSURE H – 2015 AGM OPERA SOFTWARE ASA
Fullmakt uten stemmeinstruks
Pinkode:
Ref.nr.:
Dersom De ønsker å gi stemmeinstrukser til fullmektigen må dette skjemaet brukes. Sakslisten i fullmaktsinstruksen under henviser til
sakene på dagsorden for generalforsamling. Fullmakt med stemmeinstruks kan meddeles den De bemyndiger, eller De kan sende
fullmakten uten å påføre navn på fullmektigen. I så fall vil fullmakten anses gitt til styrets leder eller den han bemyndiger.
Fullmakten sendes per post til Opera Software ASA c/o DNB Bank ASA, Verdipapirservice, Postboks 1600 Sentrum, NO-0021 OSLO,
eller e-post [email protected]. Elektronisk innsendelse av fullmakt med stemmeinstrukser vil ikke være mulig. Fullmakten må være
registrert hos DNB Bank Verdipapirservice innen fredag 29. mai 2015 kl. 12.00.
UNDERTEGNEDE: ____________________________
gir herved (sett kryss):

Styrets leder (eller den han bemyndiger)

__________________________________
(Fullmektigens navn med blokkbokstaver)
fullmakt til å møte og avgi stemme for mine/våre aksjer på ordinær generalforsamling i Opera Software ASA 2. juni 2015.
Stemmegivningen skal skje i henhold til instruksjonene nedenfor. Merk at ikke avkryssede felt i agendaen nedenfor vil anses som en
instruks om å stemme ”for” forslagene i innkallingen, likevel slik at fullmektigen avgjør stemmegivningen i den grad det blir fremmet
forslag i tillegg til eller til erstatning for forslagene i innkallingen. I det tilfellet stemmeinstruksen er uklar vil fullmektigen utøve sin
myndighet basert på en fornuftig tolkning av instruksen. Dersom en slik tolkning ikke er mulig vil fullmektigen kunne avstå fra å
stemme.
AGENDA ORDINÆR GENERALFORSAMLING 2013
FOR
MOT
AVSTÅR
1.
Åpning av styreleder, fortegnelse av møtende aksjonærer (Ingen avstemning)
2.
Valg av møteleder



3.
Godkjennelse av dagsorden og innkalling



4.
Valg av person til å medundertegne protokollen



5.
Godkjennelse av årsregnskap og årsberetning for 2014



6.
Godkjennelse av utbytte for 2014



7.
Godkjennelse konsernbidrag til Opera Software International AS



8.
Godkjennelse av revisors honorar for 2014



9.
Redegjørelse for eierstyring og selskapsledelse (Ingen avstemning)
10.1 Fast godtgørelse



10.2 Godtgjørelse for deltakelse i komiteer



11. Godkjennelse av godtgjørelse for medlemmer av Nominasjonskomiteen



12. Fullmakt til styret til å erverve egne aksjer



10. Godkjennelse av styremedlemmers godtgjørelse
2|3
Pinkode:
Ref.nr.:
13. Fullmakt til styret til å forhøye aksjekapitalen ved utstedelse av nye aksjer
13.1 Fullmakt vedrørende ansattes insentivprogram






(Som foreslått av Nominasjonskomiteen)



14.1 Valg av Sverre Munck



14.2 Valg av André Christensen



14.3 Valg av Sophie-Charlotte Moatti



14.4 Valg av Audun W. Iversen



14.5 Valg av Marianne H. Blystad



(Som foreslått av Nominasjonskomiteen)



15.1 Valg av Jakob Iqbal (leder)



15.2 Valg av Kari Stautland



15.3 Valg av Nils A. Foldal



16.1 Erklæring vedrørende ikke-bindende forhold



16.2 Erklæring vedrørende bindende forhold












14. Valg av styre
15. Valg av Nominasjonskomite
16. Styrets erklæring om fastsettelse av lønn og annen godtgjørelse til ledende ansatte
17. Godkjennelse av nytt insentivprogram for ansatte
17.1
Godkjennelse årlig RSU Program
17.2 Godkjennelse årlig opsjonsprogram
18. Endring i vedtektene
19. Avslutning (Ingen avstemning)
Ovennevnte fullmektig har fullmakt til å møte og avgi stemme i Opera Software ASAs ordinære generalforsamling 2. juni 2015 for
mine/våre aksjer.
Sted
Dato
(Undertegnes kun ved fullmakt)
Angående møte- og stemmerett vises til allmennaksjeloven, især lovens kapittel 5. Det gjøres spesielt oppmerksom på at ved avgivelse av fullmakt
skal det legges frem skriftlig og datert fullmakt fra aksjepostens reelle eier (beneficial owner).
Dersom aksjeeieren er et selskap, skal aksjeeierens firmaattest vedlegges fullmakten.
3|3
PIN code:
Ref no:
Notice of Ordinary General Meeting
An Ordinary General Meeting in Opera Software
ASA will be held Tuesday 2 June 2015 at 09:00
Norwegian time at
Felix Konferansesenter,
Bryggetorget 3, Oslo, Norway
ENCLOSURE H – ORDINARY GENERAL MEETING OPERA SOFTWARE ASA
In the event the shareholder is a
legal entity it will be represented by: _____________________________________________________________
Name of representative
(To grant proxy, use the proxy form below)
Attendance form
If you wish to attend the ordinary general meeting, we kindly ask you to send this form to Opera Software ASA c/o DNB Bank ASA, Verdipapirservice,
P.O. Box 1600 Sentrum, N-0021 Oslo, Norway, or e-mail [email protected]. Attendance may also be registered on Opera Software ASA’s homepage on
www.opera.com or through “Investortjenester”, a service provided by most Norwegian registrars. The pin code and the reference number are required
for registration. The form must be registered by DNB Bank Verdipapirservice no later than Friday 29 May 2015 at 12:00 CET.
The undersigned will attend at Opera Software ASA’s Ordinary General Meeting on 2 June 2015 and vote for
own shares
other shares in accordance with enclosed proxy
In total
shares
Place
Date
Shareholder’s signature
(If attending personally. To grant proxy, use the form below)
Proxy (without voting instructions)
PIN code:
Ref no:
If you are not able to attend the General Meeting, a nominated proxy holder can be granted your voting authority. Any proxy not naming proxy holder
will be deemed given to the chairman of the Board or a person designated by him. The present proxy form relates to proxies without instructions. To
grant proxy with voting instructions, please go to page 2 of this form. We kindly ask you to send the proxy form to Opera Software ASA c/o DNB Bank
ASA, Verdipapirservice, P.o. Box 1600 Sentrum, N-0021 Oslo, Norway, or e-mail [email protected]. Web-based registration of the proxy is available through
“Investortjenester”, a service provided by most Norwegian registrars. The pin code and the reference number are required for registration. The proxy
must reached DNB Bank Verdipapirservice no later than Friday 29 May 2015 at 12:00 CET.
:
The undersigned
hereby grants
(tick box)

:
Or
:

NAME:_______________________________
the chairman of the Board (or a person designated by him)
Name of nominated proxy holder (Please use capital letters)
proxy to attend and vote at the Ordinary General Meeting of Opera Software ASA on 2 June 2015 for my/our shares
Place
Date
(Signature only when granting proxy)
With regard to rights of attendance and voting we refer you to The Norwegian Public Limited Liability Companies Act, in particular Chapter 5. A
written power of attorney dated and signed by the beneficial owner giving such proxy must be presented at the meeting.
Proxy (with voting instructions)
PIN code:
Ref no:
If you wish to give voting instruction to the proxy holder, please use the present proxy form. The items in the detailed proxy below
refer to the items in the General Meeting agenda. A detailed proxy with voting instructions may be granted a nominated proxy holder.
A proxy not naming a proxy holder will be deemed given to the chairman of the Board or any person designated by him. We kindly
ask you to send the proxy with voting instructions by mail to Opera Software ASA c/o DNB Bank ASA, Verdipapirservice, P.O. Box 1600
Sentrum, NO-0021 Oslo, Norway, or by e-mail [email protected]. Online registration is not available for registrations of voting
instructions. The proxy must reach DNB Bank Verdipapirservice no later than Friday 29 May 2015 at 12:00 CET.
THE UNDERSIGNED: ________________________________
hereby grants (tick box):

The chairman of the Board (or a person designated by him), or:

____________________________________
Name of nominated proxy holder (please use capital letters)
proxy to attend and vote at the Ordinary General Meeting of Opera Software ASA on 2 June 2015 for my/our shares. The votes shall
be submitted in accordance with the instructions below. Please note that any items below not voted for (not ticked off), will be
deemed as an instruction to vote “in favour” of the proposals in the notice. Any motion from the floor, amendments or replacement
to the proposals in the agenda, will be determined at the proxy holder’s discretion. In case the contents of the voting instructions are
ambiguous, the proxy holder will base his/her understanding on a reasonable understanding of the wording of the proxy. Where no
such reasonable understanding can be found, the proxy may at his/her discretion refrain from voting.
AGENDA AGM 2013
IN
FAVOUR
AGAINST
ABSTAIN
1.
Opening by the chairman of the Board – Registration
of attending shareholder (NO VOTING ITEM)
2.
Election of chairperson for the meeting



3.
Approval of the calling notice and the agenda



4.
Election of person to counter-sign the minutes



5.
Approval of the financial statements and annual report for 2013



6.
Approval of dividends for 2014



7.
Approval of group contribution to Opera Software International AS



8.
Approval of the auditor’s fee for 2014



9.
Corporate Governance Statement (NO VOTING ITEM)
10.1 Fixed remuneration



10.2 Remuneration participating committees



11. Approval of remuneration to the members of the Nomination Committee



12. Board authorization to acquire own shares






10. Approval of remuneration to Board members
13. Board authorization to increase the share capital by issuance of new shares
13.1 Authorization regarding employees’incentive program
2|3
Pin code:
Ref.no.:



(As proposed by the Nomination Committee)



14.1 Election of Sverre Munck



14.2 Election of André Christensen



14.3 Election of Sophie-Charlotte Moatti



14.4 Election of Audun W. Iversen



14.5 Election of Marianne H. Blystad



(As proposed by the Nomination Committee)



15.1 Election of Jakob Iqbal (chairman)



15.2 Election of Kari Stautland



15.3 Election of Nils A. Foldal



16.1 Declaration regarding normative matters



16.2 Declaration regarding binding matters



14. Election of Board of Directors
15. Election of Nomination Committee
16. Declaration from the Board regarding remuneration principles for Executive Team
17. Approval of new share based incentive scheme
17.1
Approval of annual RSU program



17.2
Approval of annual option program



18. Amendments to the articles of association



19. Closing (NO VOTING ITEM)
The abovementioned proxy holder has been granted power to attend and to vote for my/our shares at the General Meeting in Opera
Software ASA to be held 2 June 2015.
Place
Date
(Only for granting proxy with voting instructions)
With regard to rights of attendance and voting we refer you to The Norwegian Public Limited Liability Companies Act, in particular Chapter 5. A
written power of attorney dated and signed by the beneficial owner giving such proxy must be presented at the meeting.
If the shareholder is a company, please attach the shareholder’s certificate of registration to the proxy.
3|3

Notice of AGM

Transcription

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